About the Client
The Client is a group of financial services companies, offering global investment and lending products using innovative technology and having venture capital investments focused on FinTech companies.
The companies specialize in two verticals: investment platforms and credit services. They focus on retail broking, offering ETFs, stocks, leverage products, and online brokerage services, and have millions of users worldwide.
Business Challenge
The Client had been using the DXtur platform for trading stocks on the Turkish market for many years. In other markets, they were offering MetaTrader platforms to their traders. The client was looking for a vendor who could provide them with their own unique multi-asset trading platform, and approached Devexperts for help.
The new platform needed to facilitate international multi-asset trading while having the ability to trade OTC and listed instruments simultaneously. The project had an ambitious schedule and required expertise in stocks and OTC trading, as well as strong technical skills. We divided the project into two phases:
- Integration with the Client’s back office, other internal reporting systems, and liquidity providers
- Simultaneous OTC and equity trading on the same platform for users
The project was complex because of the need to split a users’ accounts into two if they were trading OTC and stocks on the platform. The split was necessary as the client needed to monitor each user’s accounts, the instruments, the number of trades, and other information.
Solution
Devexperts estimated the multi-stage scope of the project’s first phase and began with a ready-made solution — the DXtrade platform. On top of the core features such as trading Forex/CFDs/crypto, Devexperts built several customized features including:
- A ‘quick trading mode’ that allows trading different asset classes from watchlists. With this mode enabled, users can trade without running the entire terminal, allowing them to buy or sell CFDs of stocks from their watchlists with one click. This made it easy to trade and met the expectations of the users who wanted a simple interface.
- An integrated platform with the client’s upstream liquidity aggregator and the reporting systems (an EOD report). The client had been working with MetaTrader for reporting, so the Devexperts team customized the DXtrade reporting system to follow a similar process for convenience.
The second phase of the project included:
- Enabling trading real stocks on a single platform UI at the same time as trading CFDs. The Devexperts team created a new UI for a part of the platform that enables stock trading.
- Changes to combine the different cash flow processes and metrics needed to run a multi-asset brokerage. This was done because reporting is different for exchange-traded assets and OTC instruments.
- Integrating with different third-party systems.
Devexperts has been working with the client for a long time, and processes have been adjusted to meet their expectations, making interactions smooth and simple. This project presented a few unique challenges for us, though: having different UIs for user accounts for both OTC and stock trading, separate cash flows and numbers for various metrics, and having to integrate with multiple third-party systems. Despite the tight timeframe for the project, the Devexperts team was able to deliver the solution right on time.
— Sergey, Head of Delivery Unit, Devexperts
Results
The Client received the multi-asset platform, which allows users to trade the different instruments simultaneously using two different accounts. The user watchlists allow for OTC and stock trading, and users can also trade from the watchlist in quick trading mode.
The first instance of the multi-asset platform is already available in Malta, but the Client plans to launch it in other regions, starting with Turkiye, Indonesia, and Australia.