This is Brokerway
We at Brokerway find that the securities market is the most exciting environment to work in. The Nordic financial market is at the forefront of using modern technology and we are proud to be the important part of this development. On this page you can read more about our history. Or you can skip the reading and instead watch a short film about us.
Brokerway's history starts before the birth of the company. The vast majority of the employees have spent most of their career working in the construction of securities back office systems. Some started during the 80's when securities still were physical. Securities and technology industry has evolved dramatically throughout our career. In parallel, the world has become global and technical communication affects us constantly, both in personal and business life. Most of us had worked together at firms like Entra Data (ended up in Tieto later on), NasdaqOMX and the less known company Deponova.
2006 Brokerway was founded by Per Nyquist, Anders Olsson, Mikael Smedbäck and Joakim Kelfve. We had over the years identified that the core team of designers and developers must be a small and well composed group. No matter of the size of the system being constructed. This is something that has been proven in many projects where we participated. This insight is the basis for our ability to deliver products to the securities industry, which normally is supplied by larger companies at a significantly higher price. There is no magic, just hard work and passion to build securities systems.
We had no master plan. But we wanted to create something fresh and new to the securities industry. On a train on the way to work one morning, Brokerway's CEO Per Nyquist met an old classmate who needed a confirmation system for the fixed income and money market. This was the chance we needed but as we were already fully booked, we needed to use evenings, nights and weekends to construct the system. The actual kick-off was a programming weekend in Berlin where the very first lines of code, of what today is the STX platform, was being programmed in a nice mix of wheat beer, bratwurst and sauerkraut.
The technology evolution goes fast and the financial market has during our career become more and more global. To constantly evolve is a basic prerequisite to be a sustainable system supplier. This is why we spend a lot of time to understand how financial market changes affect us. This also applies to the changes in technology. We realized that the financial market's core processes such as settlement, clearing and corporate actions will be facing major changes in the coming decade. We also realized that the large and old systems should be replaced gradually. This initial analysis is still valid.
The Lehman crash in September 2008 was a paradigm shift for the entire financial sector. The whole industry shifted from focus on creating high volumes of transactions to control the risks and continue to reduce costs. It is still indeed a challenge! An important aim for Brokerway is to act as a long term partner to our customers. This means to be professional, take responsibility and deliver affordable products and services. Collaboration is the key word! The success of open source projects is proof that transparency works and creates new business models. We believe in partnerships both in customer and supplier chain. When centralized clearing was introduced in the Nordics in October 2009, the STX module NetClear was being built in partnership with NasdaqOMX Broker Services. We could combine our best qualities to a successful product that is currently used by some of the largest banks in the Nordic region.
During 2009 we also built STX/CA, our corporate action messaging and processing system. Our first customer on the system was the swedish bank Swedbank. All other corporate action systems were too complicated and expensive. Swedbank needed a light-weighted and flexible system and STX and Brokerway could deliver what they needed to the right price and in time. When Euroclear Sweden in 2010 wanted to introduce ISO15022 to the swedish securities market Brokerway got the mandate. Together, we managed to go from contract to production with STX/CA in three months. It was a wonderful confirmation that our approach works.
2011 up to now has been years of product development and STX/CA is now a complete corporate action messaging and processing system for an international market. The ISO15022 corporate action standard has changed a lot in recent years. So we invented a plug-in to STX that identify all changes on all Swift message types in seconds. This helps us deliver efficient Swift upgrades to our clients.
It is from this reality that we everyday continue to develop Brokerway and our product family STX. The major changes the securities industry is facing inspire us. On the agenda we have workflows and exception management, stepwise move from Java Swing to HTML5, support ISO20022 if it becomes accepted by the corporate action community, monitor T2S and CSD-R as the safekeeping landscape change, the growth of collateral and claim management and many other interesting things.
Our industry needs creative ideas from many different people and organizations in order to create the variety of services and solutions that can contribute to a healthy and sustainable financial landscape. Brokerway should in this context be an inspiring system supplier who is here to make a positive difference, now, tomorrow and for a long time to come.