Enjoyed spending time with so many of our current and soon-to-be clients at this month’s @FILS Connect.
Some 2024 twists in the usual themes …
- Data is vital but only if it’s actionable
- Too often trapped in a provider’s “walled garden”
- Needs to be accessible to traders (on-screen and by API), normalized and cleaned before it can start to be applied with speed…scrubbing is a huge challenge
- Trader and coder may be the same person or a specialist, but Python skills need to be on the desk
- Dealers need to do more
- Tag liquidity to clearly indicate intention (firm, actionable, indicative axe, run, fishing, etc)
- Be more proactive in sharing, not just responding
- Share information tiered to me
- Screens are nice, FDC3 is a stopgap, but true APIs are key to process automation
- FDC3 can intelligently invoke screens (“GUIs”) where systems can’t otherwise talk to each other
- FDC3 is gaining some traction, and so far “useful but not that useful”
- Need to combine large amounts of disparate data into a consolidated view/process
- Monoliths aren’t working for traders
- We heard several pleas for collaboration as some providers have tried to hold traders captive by applying fees or restricting access to trader tools
- End-to-end implementations are delaying trader-oriented initiatives
- Traders quickly differentiate between systems’ core skills and add-on functions
- Automation is critical, but don’t fall into the “all e” trap
- Automation a prevalent theme as buyside cost pressures mount
- Need to keep key dealers happy with voice business, ahead of turbulent markets
- Trading desk automation processes go beyond trade execution
- A FI EMS is not the same thing as a corporate bond e-trading EMS
- Must cover the full trader workflow, including hedging, contingent orders, new issue, audit trail (but not necessarily “TCA”)
- Some Innovative platforms/sources, but it’s tough to leverage those with existing tools
- Regret/disappointment/anger after being forced into a sub-par FI EMS by equities businesses
Thanks to all for your and views. We came away from the week energized and encouraged by the difference Adroit has started to make with the buyside in EMEA.
