Shadow Financial Services, a New Jersey-headquartered provider of back-office systems, announced today that the Canadian-based self-clearing broker-dealer Maple Securities had become the first client of the real-time interface to DTCC settlement services in its back-office software, ShadoSuite. In addition, Maple is using a newly developed interface to the Global One international securities borrowing and lending system.
“Maple has a reputation for innovative use of technology, and our integration of ShadoSuite enables us to minimize human intervention, reduce risk and improve our efficiency in settlement date processing,” says Robert Kirby, COO of Maple Securities USA. “Trade and position information that was previously handled in paper reports and batches is now visible on-screen, where we can not only monitor transactions in real-time but make changes interactively. In addition, Shadow’s interfaces now allow us to draw securities lending data seamlessly from Global One with a direct DTCC linkage for settlement.”
Kirby says ShadoSuite was chosen after a n evaluation of competing offerings from vendors. Maple was looking to bring its self-clearing activities entirely in – house after using a facilities management service for several years. Kirby says Maple particularly liked Shadow’s Auto Cage settlement module, the responsiveness of Shadow to requests for customization, and the relatively low cost of ShadoSuite.