Boston Options Exchange will use Firm58’s Software as a Service (SaaS) solution to manage bill calculation, invoice presentation and delivery and revenue reporting. In addition, BOX exchange participants can use Firm58’s self-service web portal to access detailed reports on trade activity at any time during the billing cycle.
The Firm58 billing solution provides BOX with detailed reports and flexible rate schedules including the ability to bill based on clearing identification. At the end of each month, statements will be automatically delivered to participants via email.
In addition to billing, Firm58 offers a suite of post-trade solutions that reduce costs and simplify the processes associated with fees, commissions and trader payouts.
Tony McCormick, CEO of BOX, said: “Replacing our in-house system with Firm58’s billing solution delivers time and cost efficiencies for our exchange and benefits our participants. Using Firm58’s system allows BOX to continue its commitment to transparency and availability by offering participants online access to trade details and invoice data on a daily basis.”
Nick Fera, CEO of Firm58, said: “BOX joins a growing list of leading global exchange customers that understand the strategic benefits of SaaS-based billing. We look forward to helping BOX continue its tradition of service.”
BOX is jointly owned by the TMX Group and seven broker dealers.