XR Trading is a premier global proprietary trading firm headquartered in Chicago. They design and build cutting-edge technology and serve as a leader in the global derivatives marketplace.
Like many proprietary trading firms, XR Trading is extremely cautious when it comes to outsourcing software development. Since XR’s trading strategies are sensitive and confidential, these are all managed internally without vendors. However, they often find their engineers stretched thin on alpha-generating activities, leaving little time for the back and middle office activities that are extremely important to having smoothly functioning trading operations in a multitude of global markets. XR needed extra engineering bandwidth that was flexible enough to help when needs arose, reliable enough to address any security concerns, and knowledgeable enough to seamlessly integrate.
XR Trading knew of Connamara’s work in the financial technology space, and began exploring projects on which to collaborate. Working directly with XR Trading’s Head of Technology, Connamara’s engineers utilized their deep capital markets expertise, providing XR Trading with reliable, fast, and secure solutions. XR soon realized, with its own engineers stretched thin, Connamara could act as a force multiplier, making the entire company far more efficient. Thus, they developed a flexible agreement, whereby Connamara is available to augment XR’s team on any number of back or middle office projects, and can expand and contract as needs arise.
Connmara has successfully delivered on multiple projects for XR, including:
- Handling trade capture reports from various exchanges and other venues
- Improving automated build processes
- Routinely implementing FIX dropcopy adapters for new venues.
- Performing requirements gathering for monitoring systems
Connamara continues to be available as a force multiplier for XR’s internal teams when needed, providing certainty of delivery on these projects and allowing XR to confidently pursue its ever-expanding global trading operations.