What a Single-Dealer Platform Isn’t – Finextra post by Paul Caplin

The term “Single-Dealer Platform” (SDP) has become increasingly widely used over the past year as banks have raced to provide direct online trading services to their institutional clients across a range of asset classes.

But recently some confusion seems to have arisen over exactly what the term SDP means, and I’ve seen it used recently as if it referred to the whole client-facing etrading stack. More on Finextra

What’s going on at Morgan Stanley – update

Following my recent post about mysterious goings-on around Morgan Stanley’s Matrix single-dealer platform, I’ve had an update from a source close to the project. More on Finextra…..

Microsoft Silverlight Analytics Framework


What’s happening at Morgan Stanley?

Is Matrix in trouble?

Morgan Stanley’s unveiling of its Matrix offering was one of the most high-profile SDP launches of last year. More than two years in the making, with a price tag way into eight figures (and close to nine by some accounts), this was an epic attempt by MS to heave itself up the e-commerce rankings.

And, true to the MS DNA, it was built practically from scratch in-house using low-level components (Flex, Lighstreamer, etc). Hence the price tag and timescale.

So after the initial hullaballoo, the current situation is puzzling. The man behind the Matrix project, Hishaam Mufti-Bey, has left MS to join UBS. And the much-viewed and very Flash-y Matrix microsite has suddenly vanished, replaced by a bland “coming soon” message.

Furthermore, rumours from the market suggest that Matrix may have run into latency and performance problems as soon as they tried to use it for real-life trading.

Should Morgan Stanley have taken the blue pill?

Buy Vs Build, Who Cares? (and comments)

This thread http://mdavey.wordpress.com/2010/03/05/single-dealer-platforms-buy-vs-build-who-cares/ is getting interesting.

Separating the men from the boys in global FX

It’s interesting to see recent blog comment regarding Morgan Stanley’s new Matrix platform, and what else is needed (in terms of full range of products) to enable them become a top five global FX house.

In my opinion, it’s naïve to assume that a shiny new User Experience (UX) and a more complete product set is what separates the men from the boys in FX.

Deutsche, UBS and BarCap have risen to dominate the global FX business due to three key factors:

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Two common misconceptions about Single-Dealer Platforms

One of the things that I’ve often been asked when talking to prospective customers, journalists or analysts about single-dealer platforms (SDPs) is, “Won’t using an SDP conflict with a buy-side client’s best execution requirements?”

This question highlights two commonly held, but erroneous, beliefs – first that a multi-dealer platform will always offer the best price, and that best price and best execution are the same thing. Let’s deal with these one at a time.

First: “Being able to see multiple prices (on a multi-dealer platform) will give a trader the best price at which to trade.”

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FX News: Morgan Stanley hopes for Matrix revolution

EuroMoney Weekly FIX carrying main story on roll out of Matrix for FX:


Is Apple killing Flash/Flex?

Interesting and highly relevant article from Gene Steinberg on technightowl.com on Flash/Flex and its possible future.


One relevant quote: “Now as tens of millions of additional customers acquire Apple’s mobile products, the number of visitors to Flash-based sites will also decline, which pretty much forces the issue. Web developers must either build two versions of their sites to accommodate the different requirements of their potential visitors, or just set Flash aside and try to work within open Web standards.

IMHO the article’s worth reading if you’re considering Flex as the RIA for your SDP.

Buy vs Build – Which one is a proprietary solution for a Single-Dealer Platform?

When Matt Davey blogged about Single Dealer Platform Team Dynamics, it was mainly about methodology, but it brought up a point relevant to this blog post:

The team needs to be “driven” from the perspective of ensuring that the hours within an available work week are spent appropriate in driving business value, and hence achieving the goal of delivering an SDP.

The key here is driving business value. That is exactly what a team delivering a single-dealer platform should be doing, and the best way to do that is to make use of existing software that helps you concentrate on business value rather than infrastructure.

How is business value best added?

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