Newedge USA Migrates Self-Clearing of Fixed-Income to Shadow Financial Systems

Newedge USA, LLC has implemented the ShadowSuite global securities processing, reconciliation, clearing, treasury and accounting system for self-clearing of its U.S. fixed income products, according to the developer, Shadow Financial Systems of Edison, New Jersey.

Newedge USA is a global broker that provides clearing and settlement services across multiple asset classes and is a subsidiary of Newedge Group, SA, a joint venture with equal ownership by Calyon and Societe Generale, two of the world’s largest financial groups.

In a move to expand its business, control costs and eliminate the limitations of an outsourced clearing model, Newedge turned to Shadow Financial Systems to bring the clearance and settlement and bookkeeping functions in house, according to the release. ShadowSuite’s back-office solution aims to decrease operational risk and costs while improving processing efficiency, notes the release.

“Working closely with Shadow’s team we successfully migrated our fixed income operations and financing desk onto the ShadowSuite platform,” stated Daoman Chung, head of fixed income IT at Newedge USA. “Shadow’s ability to extend its functionality to support our requirements enabled us to deliver a comprehensive real-time front-to-back-office solution,” added Chung in the release.

Donald Marino, CEO of Shadow Financial Systems, said his firm had “developed the industry’s first truly multi-currency, multi-asset, real-time platform.” In the release, Marino welcomed Newedge to the Shadow Financial System’s growing list of clients, as an example of a great industry leader leveraging ShadowSuite’s next-generation enterprise technology.

Ivy is Editor-at-Large for Advanced Trading and Wall Street & Technology. Ivy is responsible for writing in-depth feature articles, daily blogs and news articles with a focus on automated trading in the capital markets. As an industry expert, Ivy has reported on a myriad ... View Full Bio