Challenges for Financial Traders

For financial traders, most of the applications are industry standard tools and an integral part of the internal company operations. Systems are often expensive and a must-have – either due to a regulation or an industry standard among competitors. However, each of them can drive even bigger value if used in an optimal way. One such application is Fidessa. In this article, in collaboration with our partners at Leading Point Financial Markets, we explore how organizations can boost efficiency by integrating Fidessa and their other applications.

Most Common Challenges When Using Fidessa and Other Non-Integrated Systems

We have observed how the lack of multiple cross-system connectivity can affect performance and raise many challenges for organizations. Leading Point suggest a smart way to overcome them by connecting all your systems through data sharing and UI integration.

            Speed

Time is critical for financial traders. Lots of the added stress is due to the necessity to act in the quickest way possible. Thus, speed of use and access across platforms is a huge challenge in large companies. With Fidessa, Bloomberg, Excel, a CRM, and other applications running, switching between them slows the process and requires great concentration and attention to every action. Traders will repeatedly have to move from one application to another to view detailed contract information (e.g. Fidessa option to BBG pricing model) during each trading day.

Solution:

Data integration, minimizing context switching and the amount of non-essential operations (such as double-checking data in various applications or copy/pasting) will dramatically improve speed in your organization.

            Customization

Sometimes brokers or financial traders have defined the best workflow in their heads, and they have the idea of the perfect integration between the various systems they use. Once they have the search query visible in Fidessa, they would like to automatically compare the selected information in another data source without having to repeat the search in another system. Since these changes by default cannot be made on a user level, this situation is an example of “double key” type of restriction built into pre-defined system behavior, with no consideration to a thematic “all talking” eco system with users in the middle.

Solution:

Adopting an integration platform like Glue42 will allow you to create custom tailored desktops. You use them for various workflows, users, exchanges, regions (EMEA / US/CA etc.) or even currency curve by gluing together preferred components of different applications. Introducing interoperability in the financial desktop will uncover even greater customization opportunities.

            Screen space optimization

When we hear “financial desktop”, the first images that pops up is the one showing 6+ screens on multiple levels. It’s not uncommon to have as many as 12 monitors! This has become an industry standard, but it’s a signal that something needs to be optimized on the financial desktop. With so much information that needs to be available at the same time, it is not practical or efficient to cover a room with monitors and pay attention to them all; optimization is a must.

Solution:

Glue42 will help you dramatically reduce the screen estate required by Fidessa and other applications by having everything run on the background and display only what you need to see in any given moment.

Glue42 Desktop

         ESG Footprint

The above-mentioned challenges result in worse ESG rating. The lack of process optimization could affect company reputation in terms of environmental friendliness. Moreover, unnecessary energy consumption results in the accumulation of big expenses for large organizations.

Solution:

Minimizing the amount of energy needed and the carbon emissions generated by excessive hardware use will improve your ESG score. Application screen footprint can be considerably reduced in Glue42.

            Human Errors

Working in a multi desktop setting with lack of integration and interoperability, exposes users to the nuances of underlying apps. Using Fidessa in combination with other systems requires traders to frequently copy/paste information and double check data. The more clicks are needed for an operation, the more opportunities for errors appear.

Solution:

Minimize the amount of copy/paste errors by synchronizing applications through data sharing and UI integration.

Choosing an integrated approach for your digital transformation will help you overcome the challenges and drive positive change instead. Your organization, employees, and clients can benefit from a more efficient use of Fidessa and any other applications through integration! With the strategy and technology on your side, you can get the best experience for financial traders whilst better managing cost and deprecating support experiences.

Therefore, finding the right consulting partner and technology solution are key for success and will result in more sustainable and cost-efficient processes in the long run.

Conclusion

The perfect storm of the post Covid world and the evolving “interoperability” innovation has created a period of reflection for many firms. It is influential in the increasing drive to both economize and modernize. For many organizations, the digital transformation was prematurely accelerated and the need for greater efficiency and process optimization is now stronger than ever. Leading Point Financial Markets and Glue42 have the solution for financial institutions that are eager to maximize their system’s ROI and become more efficient.

‘Glue42’s capabilities in integrating multiple applications alongside Fidessa (Bloomberg, Salesforce and many others) which then work together synchronously in one desktop view is a gamechanger for trading software.’

Mitchell Robertson, Front Office Trading Platform Specialist at Leading Point Financial Markets

If you want to learn more or ask about recommendations for your specific case, contact us here:

Leading Point Financial Markets

Leading Point Financial Markets are experts in bringing data-driven solutions to complex business problems in Financial Services. They have noticed these pain points are common among their clients. They propose a modern solution that accelerates digital transformation and turns the challenges into a competitive advantage.

Glue42

Glue42 enables organizations to build intelligent desktops that support configurable workflows between web and desktop applications. Its integration platform seamlessly and securely orchestrates UI and data. It leverages opensource initiatives such as FINOS FDC3 to reduce application delivery times and accelerate time to value.