Redburn is Europe’s largest independent equities broker, providing institutional investors with equity research and agency execution across European and US equity markets. As an evolving business it is essential that it is able to provide a high level of service to its clients – particularly when it comes to connectivity and onboarding.
Covering such a wide range of clients means that Redburn often has to deal with unusual use of FIX messaging, or very specific requirements in terms of onboarding. Although these are often minor elements of the protocol, being able to handle these requests in a timely manner can be the difference between securing a new client or missing out on business. While clients may accept limitations from smaller or regional brokers, Redburn is often competing against large investment banks that have far greater resources to manage and customize client interfaces.
By 2015, Redburn had thus reached a point where it needed a solution to handle these requests in a more efficient manner. Any requirement of this nature represents a choice of build versus buy. For Redburn, this was a simple choice. The firm’s philosophy has always been that if it was going to do something, it would need to be the best at it. With Redburn’s expertise being in research and execution, not software, it was clear that a specialist vendor was the way forward.
This case study highlights how Itiviti and UL Bridge were able to meet Redburn's needs by providing a highly flexible, reliable, compliant connectivity solution to facilitate the onboarding process and create added value for Redburn's business.