Highly Commended for Best e-FX Software Provider: Broadway Technology

Everyone knows trading cannot happen without technology, but what happens when the jumble of vendors and systems starts to pile up, and the complexity of managing the technology suit becomes more of a hindrance than a help?

This is where the value of a single system to handle aggregation, execution, distribution and data comes in, says a customer of Broadway Technology, which received a Highly Commended award in the Best e-FX Software Provider category at this year's FX Week e-FX awards.

Broadway Technology was founded in 2003, by Tyler Moeller and Joshua Walsky, both traders and pioneers in high-frequency automated trading in fixed-income securities, with experience of working in enterprise software companies.

You could build the perfect system right now, and in a year, when Mifid II comes in… your whole system could be out of date. It is imperative you have a system that can adapt to future changes
Tyler Moeller, Broadway Technology

Today, the company provides clients with fully hosted and managed end-to-end solutions, built on the TOC, which forms the backbone of its system. The TOC infrastructure – a kind of data layer – makes it easy to build out large low-latency systems by using a mixture of programming languages and technologies.

"Things are changing at such an incredible pace that you could build the perfect system right now, and in a year, when the Markets in Financial Instruments Directive II comes in – and it is completely different than anyone thinks it is going to be today – your whole system could be out of date. I think it is imperative you have a system that can adapt to future changes. How your data is stored and accessed, and how it is brought together and audited, needs to be well put in place and architected, so you can make the changes needed and adapt in the future so much faster," says Moeller.

As regulation continues to shape the FX space and cost becomes an even greater factor for customers, Broadway Technology is looking at ways to enable third-party vendors to build on top of its platform.

Better relationships

The idea and purpose behind this is simple: no single vendor holds the solution to all of the problems clients face, so Moeller believes fostering better relationships among providers could bring more products to market that might get the job done.

"We aren't a company that has lawyers analysing the specific individual compliance details of Mifid II and Dodd-Frank, but we are a company that has the system you need, which can provide all of the information and run rules to check compliance with those regulations. There are vendors that are wonderful at knowing the nuances of the regulations, but they need access to the open system in order to do that," he says.

"We are creating relationships so other vendors can build on top of the systems we have in place with all the right data for an institution and be able to easily bring their products to market. I think a lot of people need to think a lot more about interoperability between vendors, because today's technology is very siloed, both within institutions and how they build systems and how vendors look at the world, and I think some of that needs to break down," adds Moeller.