Carnegie system replacement
Carnegie has replaced a 15-year-old pricing and market making solution with Orc Tbricks. This case study is based on an interview with Sandro Samuelsson, Head of Business Development at Carnegie Securities, describes why and how they did it and results so far.
For almost a century, Carnegie has been one of the leading financial advisors and asset managers in the Nordic region. Carnegie gathers a complete range of expertise, featuring experts in the raising of capital, corporate research and stock brokerage, working side-by-side with specialists in private banking, structured bonds and fund management.
Ever since the financial crisis, cost pressure has been severe. At the same time, product development is a necessity to stay competitive. Carnegie did not have the budget to increase expenses but needed modern technology and it was difficult to implement the required changes on the existing platform.
With Orc Tbricks, Carnegie reduced costs in terms of total cost of ownership and at the same time they took a huge leap into the future by replacing their old platform. Support was also vastly improved with instant feedback and help.
Carnegie began by identifying their current workflow in the legacy system while Orc Tbricks installed the system on-site. Carnegie worked with Orc Tbricks staff to replicate all critical functionality within the new application. The next step was to learn the new functionality and get comfortable using it. Throughout the process, Orc Tbricks staff were on-site working side-by-side with Carnegie.
"We made it from start to finish, without any major problems, in just seven weeks while the users kept their 'regular day jobs' says Sandro. "This required serious dedication and commitment from Orc Tbricks as well as from our users."
Market conditions have changed significantly since the financial crisis and the pace of technical innovation is high. Product development is an absolutely necessity to remain competitive and for that, modern and agile technology is a prerequisite . Orc Tbricks has allowed Carnegie to significantly speed up the pace of innovation while reducing costs.