Lightspeed Financial, which has been growing through acquisitions, said it will use a cloud computing service to managed its middle office functions.

The introducing broker-dealer and developer of risk management, algorithmic trading and other technologies said it will use a "software as a service" platform from Firm58 to help it manage financial reporting, revenue and cost analysis, soft dollar management, and bill generation and publication.

Firm58 will roll out its middle-office services for Lightspeed during the fourth quarter of 2010.

"As a broker dealer with a sophisticated and growing client base, it is imperative that we employ equally as sophisticated and transparent services to manage our trading operations," said Stephen Ehrlich, chief executive officer, Lightspeed Financial, Inc.

The online software will help Lightspeed manage fees, commissions, and payouts.

Lightspeed raised funds in July to complete the purchase of the Terra Nova Financial subsidiary of Terra Nova Financial Group, a provider of direct market access for trading in equities, options and futures. In February, Lightspeed acquired online trading firm NobleTrading, as part of an ongoing attempt to roll up firms that serve active traders.

 

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