Building an FDC3-based, interoperable desktop platform for a global custodian’s FX trading clients

Over a two-year period, Adaptive has partnered with a global, US-based custodian to deliver a next generation, consolidated FX trading desktop environment for its buy-side clients. The new platform equips the custodian and its customers with a state-of-the-art interoperable desktop that brings together disparate trading apps under a single, intuitive user interface to increase trade workflow efficiencies.

Challenge:

Multiple, non-integrated trading applications led to data silos, difficulties accessing relevant information, manual processes and in turn increased operational risk due to errors and delays.

Solution:

Adaptive partnered closely with the custodian to build a desktop solution that tied together the disparate trading apps of its clients’ FX trading operations.

An industry challenge

For asset managers, who handle complex portfolios and invest across a vast array of asset classes, having a clear view of their investments is vital. However, the problem many firms face is the accumulation of trading systems and supporting applications over time. These platforms are often produced inconsistently, built in-house or through third parties, leaving a complicated ecosystem of non-integrated tools that require significant context-switching.

There has been a trend to consolidate applications into interoperable desktops for increased productivity and intuitiveness. Bringing together trading systems and operations in one place – whether middle and back-office functions, investment tools or portfolio intelligence – is a significant strategic advantage. To compete and differentiate, the global US-based custodian wanted to focus on creating a system for its clients that would offer a seamless user experience, able to evolve and adapt in the long-term.

The brief

The custodian chose a leading provider of desktop interoperability solutions as their desktop integration tool and partnered with Adaptive on the design and implementation of the overall solution. The firm was aware of Adaptive’s ongoing work in the FDC3 space, which was strategic to them.

The new desktop framework needed to enable the custodian’s FX trading clients to combine execution and post-trade functions, as well as to allow traders to stream prices and market intelligence. Specific requirements for the state-of-the art new desktop included:

A single user interface:

The custodian needed a single system with an accessible web-based user interface (UI) that would bring together its clients’ disparate trading applications, allowing them to simultaneously load several trading apps.

Interoperability:

The custodian wanted to ensure support for cross-application workflows with minimal effort required from application development teams.

Application development:

The custodian required guidance for application teams to build their own content that could be added to the framework in the long-term, ensuring that it could adjust its offering for buy-side clients in a timely manner.

Technical challenges

Producing a sophisticated global system for a large custodian and hundreds of its buy-side clients brought technical challenges that were tackled by the Adaptive team, working remotely across three offices in North America and Europe. Key challenges included:

Connecting incompatible apps:

The lack of interoperability between the trading applications that needed to be brought together presented a major technical challenge. Client application teams were unfamiliar with FDC3. Adaptive, having previously conducted in-depth work in that f ield, provided guidance and in some cases direct assistance with implementation.

Coordinating UI design:

Various design resources were utilised throughout the engagement, which required Adaptive to adjust to changing design styles while remaining on-time with UI (User Interface) deliverables.

Managing multiple internal stakeholders:

There were numerous stakeholders involved in the project. Adaptive worked closely with the client’s development teams but also with business leaders guiding the project and its vision, ensuring key stakeholders were happy with the design and functionality of the solution.

The solution

In late 2022, Adaptive delivered the end product: a streamlined FDC3-enabled desktop UI for the bank’s traders.

This interface seamlessly integrated legacy applications and introduced a set of new micro-applications, all built upon a wellknown desktop interoperability solution as the desktop integration tool and following Adaptive’s best-practice development principles.

With design being such an integral part of the project, Adaptive delivered a globally available UI toolkit, using common components, colours, and fonts that could be utilised across all applications throughout the bank to create reusable, unified patterns and a common look & feel across the desktop.

A critical component of the project was to ensure that the client could take ownership of the platform. Adaptive worked closely with its development team to ensure a successful handover.

The end product

Adaptive built a fully integrated, FDC3 based, interoperable desktop framework for the US-based custodian that is easily expandable and can be extended for use with new custom applications in future. The new system allows the firm’s buy-side clients to significantly streamline their trade workflows.