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.