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Solutions Overview
Scenario
Many of the firm's trading applications and analytical software were based on UNIX spreadsheet
software. Rather than simply converting these spreadsheets to Microsoft Excel, they have chosen
to build more sophisticated Excel-based templates and applications to better control and
analyze their data.
Company Profile
This money management firm has over $19 billion in assets. Most trading activity is handled
in-house by a number of trading groups who invest in a variety of instruments and strategies.
Situation
Many users had developed complex spreadsheet models. Much of the firm's historical performance
data and portfolio positions were stored in these sheets, making it difficult to share the data.
The goal was that the conversion would provide an opportunity for them to structure and organize
the data. The result: faster access to data and more accurate information.
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- A large Boston Money Management Firm hired Willow Solutions to assist in the
conversion of their front and back-office applications to Microsoft Excel.
- As part of this process, Willow created a number of Excel-based applications,
standardized templates, and functions to provide traders with immediate access
to corporate, historical and real-time information from a variety of internal
and external sources.
- In addition, corporate data was segregated in central databases in order to improve
security, while access to the data was significantly improved for back-office accounting
and reporting functions.
Although the impetus behind the project was a software change, the firm did not want a
simple spreadsheet conversion. They wanted a complete analysis of how the spreadsheets
were being used and a redesign of each spreadsheet to streamline and improve these tasks.
An effort was also made to create standard means of accessing data, formatting reports and
structuring spreadsheets to simplify maintenance and reduce error. This would increase users
ability to share spreadsheets between and across groups as all sheets would have a common
"look and feel."
Since each trader has specialized requirements, it was important to provide individuals with
flexible and customizable applications. Willow created a series of position-keeping templates
to provide these traders with the information they needed. In addition to current positions
accessed from a central Sybase database, real-time data was accessed from Reuters with
historical data provided by Factset. A variety of Excel-based analytics were used including
Marvin's Adfin, Tech Hackers @analyst, and a number of custom-written mathematical functions.
In conjunction with the conversion, traders were given individual instruction in Excel and
the custom applications developed. This one-on-one training allowed each trader to become
familiar with the Excel features and functions most important to them. This also provided an
opportunity for traders to discuss their individual needs with a Willow consultant, often
resulting in enhancements to the standard Excel applications.
Once the applications were converted, the back-office functions were reviewed. Much of this
work centered on the creation of central database repositories for data, which had previously
been stored in spreadsheets. This important data was now centrally located, structured, and
controlled. Data could still be entered, modified and retrieved through the familiar spreadsheet
interface, but it was better organized and easier to access. As a result of the conversion
access to and control of important data was significantly improved.
The end result: a centralized database, faster access to information and increased analytical
capabilities.
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