Independent equity research and execution firm Redburn has completed a successful proof of concept (PoC) using fintech provider Glue42 to integrate and synchronise key applications, sales intelligence and data for more efficient trade execution.
“We have recently had the perfect storm of high volume, high volatility, and a global workforce that’s working from home for the first time ever,” says Will Winzor-Saile, partner, Redburn. “That means that screen estate becomes vital for people to get pertinent information.”
“What we do well is execute orders intelligently on behalf of clients. To stay ahead of the curve, technology is a very important part of that and we want to partner with companies that offer best-in-class technology,” Winzor-Saile continues. “The feedback following on from the PoC has been remarkable. We now have access to information that clients have been requesting for years but was harder to discover. With Glue42 Enterprise everything just connects and synchronises.”
While the initial focus was to integrate Fidessa with trader applications such as Bloomberg and Genesis, Glue42 Enterprise extended interoperability to other in-house applications. The upside is that each integration brings an exponential improvement to the overall trading experience.
Combined with additional technologies such as machine learning and artificial intelligence, Redburn’s team can now create links between their order management system, market data terminals and sales intelligence tools so that the execution team has all the necessary information to respond quickly when an order arrives.
James Wooster, COO, Glue42, says: “Redburn has proven that they are at the cutting edge of innovation and digital transformation. For the market, it heralds the next wave of customer service and customer experience in equity trading. It’s about extending the technology that we use in our everyday lives into the trading workplace.”
“Right now, the ability to act with speed and precision is vital in getting the best trading outcomes for the buy side,” says Steve Grob, founder, Vision57. “In extending the experience of Fidessa users, Glue42 enables just that. People will look back and wonder how traders ever tolerated the old disconnected way of doing things.”
Next, Redburn will extend application interoperability to its transaction cost analysis, phone and chat systems for further operational efficiency and improved customer satisfaction.
“The key lies not in replacement but augmentation,” continues Grob. “Firms such as Glue42 that help blur the boundaries between in-house and third-party applications and move the traditional ‘build vs buy’ tension towards a ‘new normal’ of ‘buy and build’, will come to dominate.”
