Nordic investment bank Carnegie and Alfred Berg ABN Amro have terminated discussions with EDS about developing a common solution for post-trade processing.
Carnegie and Alfred Berg signed a letter of intent in August last year for EDS to take over processing from Capital C - a joint venture post-trade transaction platform set up by the two firms in 1999. The US tech vendor was invited to participate in a joint feasibility study following a group-wide review of IT and back office processing at Carnegie.
In a statement, Carnegie says: "The findings of this feasibility study have now been benchmarked against a strategy of continued collaboration between Carnegie and Alfred Berg on post trade processing systems (in the jointly owned company Capital C AB), and the outcome has been to continue the long-standing collaboration without entering into a partnership with EDS."
Describing the feasibility study as a "learning experience", Carnegie's COO, Matti Kinnunen, says that ongoing enhancements to the Capital C platform have had the effect of eroding the original business case for partnering with EDS.