In the face of intensifying demands on trading desks, the pressure to streamline workflows and enhance productivity has never been greater. So how can trading firms modernise the trader desktop without creating disruption? What’s the real return on investment for low-code, no-code, and interoperability tools? And how do firms balance build-versus-buy decisions when designing next-generation trading workflows?
These were among the questions addressed during a panel discussion at the A-Team Group’s recent TradingTech Summit London. The session, moderated by Mike O’Hara, Editorial Contributor at TradingTech Insight, featured expert insights from Colin Duggin, Global Head of Equities Product at TP ICAP; Sunny Jaisinghani, Head of Data for Global Custody at State Street; Dan Schleifer, President and Co-Founder of Interop.io; Dina Dede, Principal Program Manager at Microsoft; and Martin Haines, Managing Director for EMEA at KX.
Interoperability as a Strategic Enabler
Interoperability – and specifically the open standard FDC3 – emerged as a central theme throughout the panel. Its growing adoption is changing how firms integrate disparate applications into cohesive workflows.
The traditional model of API-based bilateral integration was described as increasingly outdated and resource-intensive. Instead, standards like FDC3 allow for context-sharing across applications in a seamless, bi-directional manner. This unlocks immediate utility from best-of-breed vendor tools without sacrificing internal control or needing to rebuild functionality from scratch.“Think of it as doing for the desktop what FIX did for straight-through processing,” one speaker noted. The analogy highlights FDC3’s potential to standardise communication between applications, enabling firms to swap components in and out without disrupting underlying workflows or compliance controls.
Low-Code/No-Code: Speed and Accessibility
Low-code and no-code platforms are also gaining traction, particularly where speed to deployment and user empowerment are critical. The panel broke this down into four practical benefits: rapid deployment, flexible data ingestion, simplified querying with language of choice, and smooth publication of outputs across channels.
This framework aligns closely with capital markets’ evolving data lifecycle – from pre-trade to post-trade – and allows a range of personas, from quants to operations staff, to build or tailor tools with minimal engineering overhead.
However, the applicability of low-code solutions depends on the complexity and criticality of the end-state being targeted. In some cases, a hybrid model combining low-code components with traditional builds may be necessary to maintain performance and control.
Cultural Change and ROI Reframing
Despite the clear benefits, panellists acknowledged that uptake remains uneven. A live poll revealed that nearly a third of audience respondents had yet to adopt interoperability or low-code/no-code tools, a result that drew surprise from some.
Several speakers highlighted the importance of cultural change in driving adoption. One participant recounted how traders initially resisted automation, fearing it would replace core aspects of their role. But by reframing the value – shifting from task replication to time reallocation – the narrative evolved. “Your job is to serve clients, not to click buttons,” one manager told their team. “Let us handle the repetitive parts so you can focus on high-value activities.”
This sparked a broader discussion about ROI. Rather than measuring success solely in terms of cost savings or headcount reduction, firms are increasingly evaluating improvements in client service, risk mitigation, and alpha generation. For example, saving a trader 20 minutes per day could translate into better communication with portfolio managers or more thoughtful liquidity analysis. Tangible benefits that contribute to performance.
From Demo to Deployment: Overcoming Production Hurdles
Transitioning from proof of concept to industrialised use remains a key challenge. Interoperability, panellists argued, must be embedded early in the development lifecycle, not bolted on later. Treating it as a first-class citizen within the application development checklist ensures consistency and scalability.
Firms are encouraged to start small, proving the model through a handful of use cases before rolling it out across desks. Over time, the effort becomes standardised, and integration costs drop significantly. “The first five or six use cases are hard. After that, it becomes seamless,” noted one panellist.Piggybacking on existing change initiatives was also cited as a pragmatic approach; embedding interoperability requirements within ongoing programmes rather than launching entirely new ones.
Buy AND Build in the Age of Modularity
The panel also tackled the perennial build vs. buy debate, suggesting that interoperability redefines the question. Instead of choosing one or the other, firms can adopt a modular strategy: build where it adds unique value and buy where the solution is commoditised or already proven.
This approach enables incremental modernisation of legacy systems, effectively rebuilding the house “brick by brick while still living in it.” Operational risk, resource availability, and intellectual property considerations remain key factors in determining the right blend.
Future Outlook: Data, AI, and Scalable Productivity
Looking ahead, speakers pointed to three converging trends: improved data quality, scalable AI integration, and continued expansion of low-code ecosystems. The ability to ingest, harmonise, and analyse diverse datasets – including unstructured content – will be critical, particularly as firms explore applications of GenAI in trading and research functions.
GPU acceleration was also mentioned as a game changer for compute-heavy tasks like back-testing, reducing processing times from hours to minutes and further amplifying productivity gains.
The panel agreed that the road to trader efficiency is not paved with one-size-fits-all solutions. It demands a layered approach, one that combines modern standards like FDC3, accessible development tools and a shift in culture to embrace modular thinking.
As firms scale these capabilities across desks, the payoff will be measured not just in speed or cost, but in smarter workflows, empowered users, and ultimately, better decisions.
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