Finance & Loans

The Importance of Financial Services Software Companies

There’s no doubt that the role of financial services software companies in the global financial market is integral, it seems, to the entire process itself. In today’s world, technology is the only way by which one can trade in the market as a normal day trader or a pattern day trader.

Brokers also have to keep tabs on these pattern day traders on a daily basis according to the law (NYSE Rule 431) which doesn’t allow them to purchase securities with the profits that they have made until the third day after the day of making the trade has passed.

Another aspect of this is the Option Symbology Initiative that is now undergoing a change from the old symbols that were used to identify traded options to new ones, and of course, the changes will have to be incorporated in the system software that is used for trading. Since this requires a lot of work in all areas, one cannot afford to omit this important change as it pertains directly to industry regulatory compliance. And for this, there are certain financial services companies that are working with their clients to make the transition as smooth as possible.

And this isn’t all, with Global Regulatory Compliance also being an important point of focus for most brokers, the software that they use must be able to attract key players from other markets, particularly from the securities, banking and investment community.