Test: Named Clients

ErisX was launched in late 2018 to attract institutional participants. However, their existing platform for trading spot products could not support their futures trading plans. Additionally, developing and incorporating new features for spot trading was a slow process that required prioritization of the platform’s development assets. That meant that they needed to deploy a new matching engine as well as a clearing and settlement platform to meet all their requirements. ErisX had a goal to launch the new futures market by year end.

The choice to build was not a trivial decision. Initially, ErisX planned to buy an existing matching engine, but they had unique requirements that the existing platforms either didn’t support out of the box or couldn’t support architecturally.

We were very fortunate to find Adaptive, because they have the subject matter expertise, the ability to bootstrap the project and bring in accelerators like the Hydra Platform, and work closely with our team.

Matt Trudeau, Chief Operating Officer, ErisX

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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”.

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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