The online Foreign Exchange trading market has been dominated by a handful of trading platforms. Brokers who entered the market in the early 2000’s started off with their own unique proprietary platforms, but as the market grew and expanded the white label concept flourished and new firms were setting up using existing off the shelf technology which was the standard in the market. Devexperts a financial technology firm, had developed its trading platform exclusively for a couple of clients in financial derivatives (outside Russia). The platform has been very successful and came with a wide range of useful features from a trader and broker perspective.
Forex Magnates team caught up with Devexpert’s VP of FX Products Stanislav Stolyar to find out about the firm and its products as they prepare to release a new trading platform aimed at the masses.
Please provide background of the company, projects you have worked on in the past, company registration, directors and their expertise.
Devexperts is a financial software-development company with headquarters in St. Petersburg, Russia. Our R&D centers are located in St. Petersburg and Rostov-on-Don, while our sales offices are in Japan and the USA. Devexperts is led by a team of dedicated professionals, each with 10+ years in financial software industry. Ten years ago, we made a decision to have a very clear focus and become experts in a specific area. Even though from time to time there were multiple opportunities to engage in various projects not related to financial industry, we were able to stick to this decision maintaining our focus and growing expertise. Well, actually, one of Devexperts solutions, monitoring system, is not directly related to financial industry, but the core of this system is the same high-performance message bus that has been created in-house for our trading platforms.
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Why has the company only worked with 2 companies in the past?
For quite some time we have two major clients, at the same time we also have enjoyed working with financial companies in the Russian market for over 8 years. Major securities brokers include; Kit Finance, BFA and OSL. Additionally Russia’s exchanges, RTS and MICEX, (recently underwent an M&A into Moscow Exchange) have been our clients since 2006. Currently MICEX-RTS uses Devexperts FAST and FIX gateways as well as monitoring system MARS. Over the last two years our sales & marketing interests have expanded geographically, we opened representative offices in Tokyo and Shanghai, in addition to our presence in USA. During last year we have been working with another European client on one of the most intriguing projects yet to come out of the company. It is scheduled for launch this autumn (read more about that collaboration with Tradable).
What are the main reasons why you decided to offer your platform to the wider market?
For the past several years we were regularly receiving leads suggesting some brokers were willing to work with us (as asoftware vendor, system provider) based on our experience and proven record in this domain. However we found that clients weren’t ready to make substantial investments in an expensive project of developing their system from scratch.
Nowadays clients rather favor an option of having a “ready to use” system to jump-start their business, which may be further developed and customized according to their needs as they go. So, one day we realized we have enough experience and domain knowledge to build a “generic” online-trading system and offer it as a simple, yet powerful “turnkey” solution or substantial parts of it as building blocks for more complex environments.
The above is part of a larger interview in our Third Quarter Forex Industry Report