Delivering all the benefits of an electronic trading platform with full MiFID II compliance, while providing clients with the advantages of high-touch voice trading.
Truthfully, we all knew Adaptive were key to mobilising this project. I knew Adaptive had good recent exposure to the technologies, standards and process challenges that this project involved. They move incredibly fast, and they have deep knowledge of all the cutting-edge frameworks we need. They’re also heavily involved and highly collaborative in the technology forums around FDC3, OpenFin and Symphony. Frankly, if you’re trying to mobilise something quickly on those frameworks, it’s just common sense that you’d want to go with people who’ve used them before, and who aren’t learning from scratch.
Matthew Harvey, Head of FI Client Execution Platforms and Digital Sales, NatWest Markets
The coming of MiFID II brought seismic changes to the fixed income markets. It presented serious challenges to traditionally voice traded business, and caused an immediate shift of order flow to electronic markets - and with future changes like higher size thresholds incoming, that trend was set to accelerate.
But NatWest Markets also knew its clients appreciated the personal attention, bespoke services, trade ideas and insight provided by contact with real people. They needed a way to create a hybrid between voice and electronic trading, where they could leverage the benefits of automation while preserving deep relationships with their clients. Their aim was for a client to be able to request levels, work with RFQs, and execute—all through seamless automation—without giving up the personal touch of a dedicated salesperson. NatWest called this innovative hybrid “digital voice”.
They selected Adaptive to build this new system, which they named Scout, because they knew Adaptive has a good track record of delivering client-facing solutions in FICC. In addition, Julien Dugat of NatWest Markets explains, “Adaptive’s delivery is UX-driven, which has been a tremendous contributor to the high quality of the delivered product. Their focus on quick, iterative delivery means that we can show real momentum, and the result is going to really differentiate us in the market.”Read the full story