An Interview With Nick Mortimer, Institutional Business Development At Devexperts
Sam Low from LiquidityFinder recently caught up with Nick Mortimer, Institutional Business Development at Devexperts, following the announcement last week of the company's new bespoke multi-asset institutional trading platform 'DXtrade Institutional'.
The launch of DXtrade Institutional is Devexperts' strategic move into the customisable single-dealer platform space, aiming to help institutional firms modernise their legacy trading systems without incurring extensive internal development costs. Nick shares insights on the company's shift towards fully customisable solutions, addressing the specific needs of banks and hedge funds, and how Devexperts plans to leverage its 20+ years of capital markets software development expertise to differentiate itself in the competitive institutional trading platform landscape.
The Shift To Customisation
Sam Low (LiquidityFinder): "DXtrade Institutional marks a departure from your traditional white-label, off-the-shelf solutions. What inspired this shift toward fully customisable platforms, and how do you see this approach addressing the specific needs of institutional clients like banks and hedge funds?"
Nick Mortimer (Devexperts): "From various conversations we've had, we can see that the customer demand, what institutions want, is a GUI that is customised to the specifications of both the price-maker and their customers. Devexperts has 20+ years of software development for the capital markets industry under its belt and the customisation of frontends has become one of our strong points. We therefore decided to look to bring this expertise to the institutional space."
Legacy System Modernisation
"One of the key selling points of DXtrade Institutional is its ability to integrate with and modernise legacy systems. Can you elaborate on the challenges institutions face with legacy systems and how your platform specifically addresses these pain points?"
"Although institutions spend a lot of money on the efficiency of their pricing and the technology behind that, we believe that necessary investment isn't being made on the frontend and, therefore, client demands for certain specifications have been overlooked. We are coming into the market to freshen up those frontends, ultimately giving clients the ability to retain customers."
Competitive Differentiation
"The institutional trading platform space is highly competitive, with established players offering robust solutions. What unique features or capabilities does DXtrade Institutional bring to the table that set it apart from other single-dealer platforms in the market?"
"Every DXtrade Institutional integration will be different because each will be customised to the specifications of the individual customer. The big differentiator with DXtrade Institutional therefore is the 20+ years of deep trading software development and customisation expertise and the long track record in the creation of robust models that Devexperts possesses. This is what the customer will be buying and what makes this product offering so unique."
Scalability and Future Growth
"Scalability is highlighted as a core feature of DXtrade Institutional. How does the platform adapt to evolving institutional needs, and what plans are in place to ensure it remains competitive as client demands and market conditions change?"
"We are constantly updating and evolving our off-the-shelf products for our customers in order to ensure these remain up to date and competitive. This happens long beyond the point of purchase and it will be the same for DXtrade Institutional. This will include updates and improvements that we make to our products from our end, as well as upgrades requested by our customers. Initially, we will look to support spot, forwards, swaps, options, and NDFs, however, if customer demand dictates then we will expand the product suite accordingly."
Dedicated Support and Long-Term Partnerships
"You've emphasized that clients will have access to a dedicated team for ongoing support and optimization. Can you share more about how this partnership model works in practice, and how it benefits clients over time compared to traditional vendor-client relationships?"
"From our point of view, it is essential that our customers' needs to adapt to evolving market requirements are met. As with our off-the-shelf products, we will look to build long-term relationships with our customers, whereby they will have ongoing access to a dedicated team in order to make all and any necessary upgrades as and when these arise, in both a timely and cost-effective manner."
Broader Vision for Institutional Trading
"With over 20 years of experience in capital markets software development, how does the launch of DXtrade Institutional fit into Devexperts' broader vision for institutional trading? Are there plans to expand into other areas, such as AI-driven analytics or blockchain-based solutions, to further enhance your institutional offerings?"
NM: "Currently the plan is to offer DXtrade Institutional to those firms that require a customised frontend for their clients, at a cost-effective price. From the conversations we have had in the last six-12 months, this is what we understand the current demand to be. Expansion beyond this will similarly come from customer demand. Because of the length and breadth of our experience, we are a developer that can pivot very quickly, so if demand comes for something different, or if the current offering needs to be adapted, we will do that, as part of the service we provide. Fully customisable means fully customisable."
Liquidity Finder - Sam Low