Chicago, April 28, 2010 /PRNewswire/ -- Cheevers and Company, Inc. (www.cheeversco.com), an agency-only broker/dealer prominent in derivatively-tied equity execution, today announced it has partnered with MIXIT and Firm58. MIXIT's FIX-compliant, market-leading advanced trading technology enables clients to split off and direct the equity portion of a complex order for concurrent and compliant execution. Firm58's Software as a Service (SaaS) solution enhances Cheevers & Company's middle- and back-office services, providing clients with permission-based web access to trade details, reporting and billing.
"Our combined technology solution will allow clients to obtain execution data electronically, enhancing their ability to meet audit and compliance obligations," said Eric White, Vice President, Cheevers & Company. "In addition, the solution will facilitate the retrieval of execution information for recap, allocation, clearing and billing functionalities. Our technology partnerships empower our clients with customizable data access and streamline our delivery of the exceptional customer service they have come to expect."
"MIXIT has enjoyed an insightful and rewarding relationship with Cheevers for a number of years and the firm is extremely excited about this partnership," says CEO Walter Fitzgerald. MIXIT's experience in advanced trading, neutrality, and commitment to the highest levels of service provides the foundation for our customers to prosper. "This offering exemplifies our commitment and ability to work with clients and vendors providing product innovation and custom workflow solutions. This powerful offering will enhance our ability to service our collective clients and open doors to new opportunities," Fitzgerald adds.
"Cheevers & Company prides itself on offering individualized, high-touch service, and Firm58 allows the company to enhance that tradition with scale and automation," said Sam Mele, co-founder and managing director, Firm58. "Our expertise in managing fees, commissions, and payouts allows Cheevers & Company to improve efficiencies and reduce operational costs associated with complex rate plans and multi-party liquidity providers. We are grateful to be selected as the proven technology platform powering Cheevers & Company's future growth."
About Cheevers and Company, Inc.
Headquartered in Chicago, Cheevers and Company, Inc. is an agency-only brokerage firm founded in 1982 by Kathleen T. Cheevers, CEO. The firm provides execution services for a diverse range of institutional clients and asset managers in both domestic and international equities, as well as fixed income products. With the technological abilities common to much larger firms, Cheevers & Company provides its clients with the reach and performance demanded by today's market participants. Cheevers & Company's clearing expertise allows the firm to routinely process robust trading volumes and enables the firm to continually expand its position in the institutional arena. A certified Women's Business Enterprise (WBE), Cheevers & Company is a member of CHX, BATS, NSX, FINRA, and SIPC. For more information, visit www.cheeversco.com.
About Firm58, Inc.
Firm58 simplifies trade operations for capital markets firms. The company's web-based financial management software manages the processes associated with fees, commissions and payouts to help increase a firm's revenue, operational efficiency, and reduce costs. The Software as a Service (SaaS) platform automates middle- and back-office processes across asset classes to provide insight into daily profitability and protect revenue. Firm58 offers solutions for billing, profitability analysis, commission sharing arrangements (CSA)/soft dollars, compensation, and accounting. Customers include global market exchanges and execution venues, leading institutional brokerages, and trading firms. Founded in 2005, Firm58 is headquartered in Chicago with a branch office in New York, and is backed by New World Ventures and North Bridge Venture Partners. Visit www.firm58.com.