With financial technology rapidly gaining around the world, it's not surprising to see new additions come out for old systems. Shadow Financial Systems is proving to be no exception as it augments its ShadowSuite 9.1 with support for Euroclear's proprietary EUCLID interface. Adding EUCLID to the ShadowSuite roster looks to provide a new set of tools for the software geared toward helping out at the mid- and back-office levels, and for global users, an especially powerful set of features should also come into play.
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The addition of EUCLID allows for a series of new tasks to be introduced into the ShadowSuite platform, including reconciliation reporting, the processing of dividends from Euroclear accounts, clearing securities, and several more, all while being done in a set of ISO-15022 message formats to make reporting even easier. Designed for low and medium volume users (those with less than 100 total instructions per day), EUCLID works on most any PC as either the main communications channel to Euroclear, or it can be kept in reserve as a "contingency arrangement" for when it's needed.
Shadow Financial Systems' CEO, Don Marino, offered some further elaboration as part of the introduction of the new tools, calling the addition of EUCLID a way to "increase the versatility of our system" by giving clients that weren't operating under the Society for Worldwide Interbank Financial Telecommunications (SWIFT) a way to connect to Euroclear directly, even without the kind of communications muscle that SWIFT provides. Thanks to the introduction of EUCLID, Marino elaborated, international traders can make clearing easier, but also do so in a cost-effective fashion.
This is an important addition to ShadowSuite, but ShadowSuite wasn't really wanting for upgrades as it already offered a very robust platform for its users. An entire core revolved around such functions as general ledger functions, stock records, and cash and position management all on a real-time basis. From there, it goes on to a variety of other functions including trade capture and reconciliation, corporate actions, client management and more.
That's a terrific list of features and functions, no mistake, but adding on the clearance options makes things only that much better from there. Those who deal in a lot of high-end stock matters may want to look more closely at the ShadowSuite 9.1 offering from Shadow Financial Systems, as it certainly looks to put a lot of power in the individual user's hands.
Edited by Amanda Ciccatelli