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Shadow Financial Launches New Clearing Interface

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A Technology Roundup

EDISON, N.J. (–A provider of back-office systems, Shadow Financial Services launched a new clearing interface that is real-time and includes the new MQSeries-based settlement services of the Depository Trust Co.

Maple Securities USA, an international self-clearing broker-dealer, is now using the new interface through Sungard’s Global One international securities borrowing and lending system. Maple has been using the ShadoSuite system for clearing and settlements through both the Depository Trust & Clearing Corp. and Options Clearing Corp. Shadow Financial’s ShadoSuite handles trade processing, accounting, clearing and settlements.

ShadoSuite was chosen to bring Maple’s self-clearing activities entirely in-house after using a facilities management service for several years. The DTCC redeveloped its settlement services to use IBM’s MQSeries messaging. Through the ShadoSuite interface, Maple is the first firm to use the MQSeries messaging service for securities payment orders and pledges.

Shadow Financial itself has a number of clients, such as Refco Group Holdings, Alliance Financial and Raymond James. Earlier this year, the firm signed on Alternative Investment Solutions, a hedge fund administrator that partners with Fulcrum, another fund administrator, to provide offshore fund services.

AIS aids fund managers in processing growing trade volumes while also meeting regulatory requirements. The firm also helps its clients alleviate the risk of operational errors and the cost of executing and managing the post-trade investment process while assisting in the back office and accounting processes.

Harborside Links with Order Management Systems

NEW YORK (–Harborside+ has teamed up with MacGregor to develop an application that lets Harborside+ users receive large block equity indications of interest (IOI) from a traders’ order management system.

Harborside Indication Manager is a neutral and confidential service for attracting and matching these IOIs with pools of liquidity. The application links with a number of trader interfaces used by hedge funds including Macgregor, Eze Castle’s Traders Console, Linedata, SunGard Investment Management Systems, Charles River Development and Thomson Financial.

The Harborside Indication Manager system extracts information from trade orders that are eligible for Harborside+ from a trader’s blotter. The software then sends information to the Harborside+ central server as IOIs. Harborside+ and the order management system user are alerted once a match is discovered.

The firm uses a blended approach of technological and human support. Traders submitting IOIs only indicate whether they are buy side or sell side and the stock symbol. Buyer, seller and the Harborside+ trading desk are electronically alerted once the system finds a match. Then the trading desk helps counterparties in finalizing the transaction through a telephone communication that keeps the identities of the buyer and seller confidential. From there, the trades are executed by Harborside Securities.

Asset Control Updates Desktop Interface and Serve Capabilities

BEETSTERZWAAG, Netherlands (–Asset Control released its AC Desktop 2.0 and AC Server 5.0, which allow for improved investment data and analytics manipulation

AC Desktop has a new and improved interface with a user-profiled task bar and allows clients to have direct and easy access to information on cleansed and standardized ‘golden copy’ data for users throughout the firm. AC Desktop 2.0 establishes new standards for data management with modules for easy consolidation and normalization of data.

The new server, meanwhile, has advances in security and in other data management areas. AC Server 5.0 offers new levels of data transparency to address both operational risk mandates and process redevelopment for straight-through processing and other operational refinements, Ger Rosenkamp, chief executive officer of Asset Control said in a statement.

COR Risk Solutions Hires U.S. Sales Executive

LONDON (–Rene Robillard was hired by COR Risk Solutions as business development director for North America. Based in Boston, Mr. Robillard will be responsible for sales COR’s portfolio analytics and optimization software platform into the North American market. He had been at Eze Castle Software’s Boston office, before joining COR.

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