New York (PRWEB) April 18, 2010
Xtiva Financial Systems, the leading provider of enterprise compensation solutions for the financial services industry, today announced that First New York Securities LLC, a diversified global proprietary trading firm, has selected Xtiva Financial Systems software to manage its compensation processing. Under the agreement, First New York will use Xtiva’s Commission Manager solution to track and manage compensation for its more than 200 traders.
The Xtiva suite will provide First New York with a single data warehouse where all transactions are contained. Leveraging that data repository with a state-of-the-art business rules engine and web-based front-end reporting technology, Xtiva’s product suite will enable First New York to eliminate the various manual processes across all their business lines and replace them with a proven solution.
“This agreement shows the marketplace that our strategy of straight-through reporting is a winning one. We are able to provide First New York with an enterprise solution that supports all their business units in one service offering,” said Rick Scearbo, Vice President at Xtiva. “We are thrilled to have First New York as a client and look forward to getting them up and running quickly.”
Xtiva’s business performance management portal is the first industry-integrated approach to truly integrated compensation management, sales performance measurement, institutional client performance management and business policy management. Xtiva’s offering supports today’s needs for a managed solution in meeting a wide range of business, operations, finance, and technology needs. The Xtiva portal combines Xtiva’s next generation data consolidation, calculation, and business rules engines integrated with MicroStrategy’s leadership in business intelligence in one seamless Software-as-a-Service suite of products. Xtiva's Business Management Portal delivers the industry’s most comprehensive and flexible reporting and analytics capabilities; providing Xtiva clients with the advanced tools they need to drive their businesses forward.
Xtiva’s business performance management portal enables clients to:
- Improve the quality and focus of reporting across the enterprise
- Reduce total cost of ownership of advanced enterprise reporting solutions
- Manage revenue and expenses more effectively
- Bridge gaps between regulatory and financial reporting
About Xtiva Financial Systems
Xtiva Financial Systems is a leading provider of hosted solutions for the brokerage industry. Founded in 1998 and based in New York City, Xtiva has developed state-of-the-art technologies that enable retail and institutional broker/dealers to streamline operations, from sales compensation and production reporting to supervision of advisor licensing and compliance issues. With over 90 clients and key industry alliances, Xtiva is the leading provider of sales compensation solutions to the brokerage industry.
Xtiva’s clients include Ameriprise, AXA Advisors, Key Bank, MetLife, Mutual of Omaha Investor Services, New England Securities, RBC Wealth Management, Northern Trust, UBS, and Walnut Street Securities. For more information about Xtiva, visit http://www.xtiva.com.
About First New York Securities, LLC
Founded in 1986, First New York Securities is a premier global proprietary trading firm. The firm’s diverse trading business spans multiple asset classes including equities, derivatives, fixed income, foreign exchange and commodities, and is backed by a state-of-the-art technology platform. First New York is one of the few remaining classic partnerships on Wall Street and its compensation structure is designed to recognize and generously reward superior individual performance. Headquartered in New York City, with additional offices in London and Boca Raton, the firm has more than 300 employees globally. To learn more about First New York Securities visit http://www.FirstNY.com.