AFTAs 2023: Best third-party technology vendor IT team—Devexperts

Project name: DXtrade XT

About the team

Dublin-based Devexperts has been providing software solutions to the financial services industry since 2002. Its flagship offering, DXtrade XT, is a trading platform designed to be white-labeled to support stock, options, and futures brokers, or those who want to start a brokerage firm. Devexperts’ engineers and software architects developed DXtrade XT as a software-as-a-service (SaaS)-based offering according to the business demands of brokerage companies.

Key project   

In early 2023, DXtrade XT was implemented and customized to support the business needs of one of Canada’s largest brokerages. It enabled a trading infrastructure upgrade, eliminating dependency on the firm’s previous vendor, which had limited integration flexibility and risked service interruption. The broker now offers trading in fractional quantities and notional amounts, attracting new traders and investors unwilling to invest large amounts. With Devexperts’ back office, the broker can monitor client operations, risk management, and trading activities. 

This solution offers brokerage start-ups the opportunity to quickly launch their business to market, an option that virtually no other software vendor can offer. We provide a broad range of tools and partnerships, with an open-platform architecture optimized for integration into brokers’ existing solutions, giving them everything they need to build end-to-end trading systems.”
Michael Babushkin, global CEO, Devexperts

Problems solved

Key challenges for clients licensing DXtrade XT include:

  • Existing legacy software with cumbersome architecture
  • Numerous third-party software integrations
  • Poorly written APIs
  • Need to quickly launch a new brokerage with proven and tested software

Technology

DXtrade XT is a multi-asset trading platform, featuring open architecture for listed stocks and derivatives, with clearly described APIs. It offers traders charting widgets with 40 drawings and more than 100 indicators, and allows them to create their own economic calendars, trading journals, time and sales tables, market depth indicators, options chains, and alerts. For brokers, it offers advanced risk monitoring and management settings, including risk profile assignment, pre-trade validations, account liquidation settings, and order-routing algorithms for fractional and notional amounts. 

Why they won

Devexperts wins its first ever American Financial Technology Award and what a category to win: best third-party technology vendor IT team. The firm’s DXtrade XT platform was instrumental in delivering the win for the firm, as was its recent project with a Canadian brokerage. Crucially, DXtrade XT features two of the key ingredients pretty much all capital markets firms expect in any technology or data platform these days: SaaS-based (delivered via the cloud) and featuring pre-written APIs to ensure interoperability with other existing technologies/applications. Delivering a trading platform to a brokerage is no trivial undertaking, and while no offering can genuinely claim to be turnkey, this implementation/platform is about as close as it gets. 

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