Chicago-based broker Cheevers & Co. has partnered with Firm58 and MIXIT to automate and aggregate reports on fills, specific trade data and billing, providing the broker’s clients with next-day execution information.
Firm58 is a technology vendor that helps companies manage and reduce trading costs through automation and computerization.
The three firms have taken Cheevers’ manual record-keeping process and automated it, lowering costs and increasing efficiency, said Cheevers vice president Eric White. The new system streamlines the process from the front desk through to the back office, allowing Cheevers’ clients to see their trade details, billing and other reports quicker than before.
"We’re anticipating a market need for increased compliance," White said, referring to clients’ need for data. "Compliance will be become an ever-increasing burden down the road." Firm58’s data aggregation system is connected right to Cheevers’ MIXIT order management system in an attempt to provide the fastest and most accurate data collection.
Not only can Cheevers’ institutional clients see data quicker, but so can the broker itself. Sam Mele, co-founder of Firm58, said the new system keeps track of Cheevers’ exchange fees, commissions and payouts, helping the firm maximize margins and manage costs.
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