EDISON, N.J. (June 28, 2004) - - Shadow Financial Services, developers of the ShadoSuite global securities processing system, today announced that InTrade LLC, a trading firm located in New York City, has implemented its software. InTrade, a member of NYSE, AMEX, NASD, DTC and NSCC, uses ShadoSuite to clear and settle more than 4 million shares each day.
Donald Marino, CEO of Shadow Financial Services, said, "To manage costs, InTrade sought a self-clearing system that could manage their escalating level of volume. Their move to self-clearing using ShadoSuite gives them better control from order entry through settlement plus helps to significantly reduce transaction costs."
Mark Frank, Managing Member of InTrade LLC, said, "We're very satisfied with Shadow Financial's ShadoSuite. We looked at solutions from much larger companies and realized they lacked the flexibility that we need. Shadow's functionality, price and principal-level support made them the right choice for InTrade."
Installed in December 2003, InTrade brought ShadoSuite live in February 2004. Frank continued, "By partnering with Shadow, we didn't need to rely on expensive consulting firms. Shadow's team possesses the in-depth real life knowledge that helped us rapidly implement our new system."