3 December 2013
DataArt Collaborates with Squawker on First High-Touch Negotiation Venue for Sell-Side Trading
Custom Software Developer Designs Intuitive Algorithm-Free Platform
DataArt announced completion of a mission-critical development effort and the launch of the first sell-side negotiation platform for Squawker®. The Squawker negotiation platform addresses the problem of matching trades that are difficult to execute on the order books or in dark pools by acting as the middle party in a community of vetted buyers and sellers. DataArt engineers worked with Squawker to create an electronic trading venue that is free from algorithms and high frequency trading, enabling the sell-side community to negotiate anonymously and directly.
Squawker engaged DataArt as a trusted developer partner to design the platform around an intuitive mix of technologies that ensure ease of use and comprehensiveness for the sell-side community. DataArt engineers and Squawker developed the neutral negotiation venue to encourage personal interactions that are toxic-free, building the platform with a high-performance back-end layer based on Java enterprise stack and visually intuitive and usable client GUI, implemented using Microsoft WPF technology.
The Squawker negotiation platform provides end-to-end FIX workflows, compliance monitoring and auditing of all dealings. Through social networking technology, the platform provides a person-to-person forum for the structured negotiation of trades. Since its launch, Squawker has signed more than 70 sell-side firms, comprised of tier one investment banks, regional tier-ones, traditional agency brokers, sell-side transition managers and private banks across Europe.
“DataArt impressed us with their knowledge of the capital markets and a solid track record in the industry,” said Chris Gregory, CEO and co-founder of Squawker. “The team worked with us from the start, and together we were able to deliver the platform much faster and at a much lower total cost than would be otherwise possible.”
“Completion of a project of such magnitude is an important milestone for DataArt’s Financial Technology Practice, as it establishes our track record on the sell-side,” said Dmitry Stillermann, Vice President of Capital Markets at DataArt. “With ten years and 200 projects for the investment management (buy-side) community, we have now ramped up our expertise for sell-side trading, collaboration and risk management.”