AFTAs 2022: Best collaboration/alliance initiative—Adaptive Financial Consulting

- WatersTechnology Staff
- 02 Dec 2022

Overview

Jersey City-based clearing broker-dealer DriveWealth needed a new trading system to address the increased demand in its retail brokerage business and to support its fintech partners looking to add US equity markets trading capabilities. Adaptive’s brief was to build a trading platform providing high-throughput, low-latency order management with a high-availability and resilient cluster. The first phase involved the replatforming―the process of migrating an existing platform to the cloud―of DriveWealth’s proprietary OMS by leveraging Adaptive’s Aeron Solution Accelerators to achieve throughput and latency goals.

Project measurables

Production deployment in line with target timelines with flow diverted successfully from legacy system
Proprietary trading OMS deployed on custom hardware capable of managing thousands of instruments
Capable of handling tens of thousands of orders per second with predictable latency of around 20 microseconds
Technical foundations laid to enable accelerated development of additional trading workflow components

“As retail participation surges and markets enter a new era of greater volatility, having a powerful technology offering that enables us to handle significant volumes at speed is vital. Developing a proprietary low-latency trading system with Adaptive not only differentiates DriveWealth from competitors, but also gives us the ability to scale and perform reliably in a rapidly changing market. Working directly with Adaptive’s expert team allowed us to achieve this.”
Donato Cuttone, CEO, DriveWealth Institutional

Future developments

DriveWealth continues to partner with Adaptive to build out its trading platform. The next step is to complete the development of its institutional OMS. This will be followed by a set of systems to support the growing demand for retail orders. As trade volumes continue to grow at DriveWealth, the Aeron Accelerator Solutions platform is designed to support this growth via bespoke clustering and sharding technology advances.

“Our promise to our global fintech partners has always been that we will provide them with the best trading technology to access the US markets. As demand from retail trading continues to grow, we looked for technology partners who could not only help us build capacity to scale but also innovate by combining the best proprietary technology with the best available vendor solutions to help us continue to support the exceptional growth in demand of our platform. Adaptive and Aeron proved the perfect choice.”
Harshal Deo, CTO, DriveWealth

Why they won

Collaboration is a critical part of the financial services industry, especially when it comes to developing and delivering cutting-edge technology. Adaptive Financial Consulting’s win in this category illustrates the value collaboration can deliver to clients, most notably around the project measurables where DriveWealth Institutional benefited from the replatforming (and significant performance improvement) of its proprietary OMS, a project delivered on time and on spec.

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