Project Description

A European investment bank and broker for a large US institution were looking for a capital markets CRM. They were looking to replace a number of disparate systems and many excel sheets. The key objectives were to achieve a better system for compliance, improved operational efficiency and reporting to management.

Cost efficiency: “The functionality of the system was impressive. We had a diverse team involved in picking the product that consisted of the heads of corporate finance, broking, trading, research and compliance in addition to the technical department. It was important to get this decision right, we recognise the role of technology in our business and how an efficient system could save thousands of hours of expensive and critical resource every year.”

After comprehensive analysis of five systems designed specifically for capital markets, they chose SNX’s Broker XT product.

Bespoke: “The ability to customise all of the ‘screens’ and ‘functionality’ for our business was something their peers couldn’t offer. We felt we were starting with a more complete and relevant template from SNX. The reporting we can obtain from the system, for management and compliance, is exceptional and we very much look forward to working with SNX for many years to come’.

The customer quickly realised the scope of the platform and discussions quickly turned towards an outstanding but critical development project. An important revenue generating, proprietary system for use in the front office had been written in-house and was close to ten years old. The expertise had long left the business and the system was now developing faults. It needed to be replaced and the estimated time for development of a new system had been 6 months. With SNX’s XT platform in place for CRM, it was a straightforward exercise to build what was needed.

Real market experience: “To be truthful, we were sceptical but we were happy for them to produce a prototype. What they delivered us was the ‘full front end’ of the system with sample data – ‘it was 90% complete’. The process was very straightforward, one of the SNX team who was a former market maker himself, sat with our brokers for a few hours and took away screenshots of the existing system and reappeared a week later with a tool to demo. I am now a believer in rapid application development!”