Comprehensive Software Systems, LLC (CSS), a supplier of software solutions to the securities industry, announced today the introduction of a new service bureau offering of its mission-critical, enterprise-wide brokerage software systems for processing of front-, middle- and back-office securities transactions. The system is built around a relational database which manages data on a real-time basis throughout the brokerage platform. The entire system is built on Microsoft technologies thereby eliminating technological obsolescence inherent in legacy systems which are still prevalent in the securities industry.
CSS is hiring approximately 40 employees from Stephens Inc. to staff the service bureau. This team, which has in excess of 500 years experience in brokerage operations as well as system conversions and computer operations, has been involved with designing, building, testing and operating the CSS system since its inception. The service bureau operations will be conducted by CSS Hosted Services, LLC, a subsidiary of CSS.
CSSâs single data source for all users eliminates the need for redundant data, multiple interfaces and data synchronization with disparate legacy systems built on 30-year-old technology. Unlike legacy-based solutions, CSSâs core relational database design promotes efficiency in new product development and implementation of mandated regulatory changes.
âThe introduction of the CSS service bureau is a watershed event that will rapidly lead to the transformation of the processing capability of the securities industry,â said Mike Landy, President of Comprehensive Software Systems. âThe relational databaseâs breadth of data and the scalability and reliability of the platform creates the opportunity for CSS to revolutionize mission-critical front- through back-office processing.â
The full enterprise suite of functionality is available 24 hours a day to clients on a real-time basis through its unique âTime Independenceâ¢â functionality. The enterprise platform is modular, which allows all types and sizes of clients, including institutional, retail and high-velocity trading firms, the ability to subscribe only for the point solutions necessary to run their businesses. The private-client wealth managerâs workstation includes householding, order-entry, what-if margin analysis, cost basis and performance reporting in a Windows-based view, all in real-time fed by the single enterprise-wide relational database at its core. The mutual fund module includes order-entry, break-point calculations, automatic networking direct to the funds and householding. The middle- and back-office Windowsâbased views from the single data source incorporate exception-based processing resulting in efficiencies that reduce operating costs while improving risk management. The ability to query the system is unmatched in the industry today. The
product also offers integrated customer contact management, imaging and work-flow functionality, reducing the need for and costs of
âItâs been an exciting time initiating the service offering and working with our new clients planning their conversions for this calendar yearâ said Mike Landy. âThe industry firms we have been speaking with appear to be looking for alternativesâ.