CHALLENGE:
Watershed Technologies, an alternative trading system services startup, contacted Connamara through an industry referral. The company sought to build a proprietary trading technology platform instead of relying on existing fee-taking and antiquated third-party systems. Connamara’s FIX Connectivity expertise and deep experience in capital markets made us a naturally attractive partner.
Watershed’s dream was to create an auction-style platform that would level the playing field for customers who wanted to trade against larger institutions. This fairer, quantity-driven marketplace was no easy feat; the team required an application with speed and efficiency that could reduce match and auction times within a specific threshold.
SOLUTION:
After impressing Watershed with an initial proposal, Connamara’s dedicated developers got to work on a proof-of-concept. At the client’s request, we used a lightweight version of our matching engine, EP3, as a foundation and built a custom code on top of it, using FIX and GO/Golang to reduce runtime of complex application algorithms.
Throughout the development process, Watershed communicated with Connamara when new ideas, restrictions, and additional functions would come up. Connamara reacted quickly to Watershed’s continuous passion and creativity; we were agile, quick, and responsive to these changes. We even had them thoroughly tested and deployed in a remarkable time.
RESULT:
Our proof-of-concept was functioning in just a matter of weeks, and the full-fledged application was ready in just a few months. Rigorous acceptance and integration testing resulted in a bug-free application and prepared us for various real-world scenarios.
When Watershed needed assistance with its regulatory filings, Connamara gladly provided our SOC 2 report. Thanks to this security and compliance, the company received its FINRA approval and is now in production trading as an equity options ATS.
