Navigating the Exchange Platform Implementation Journey
When establishing your exchange, the path from conception to production can be complex and challenging. Let’s explore the intricacies of an implementation process for an exchange platform, shedding light on the key stages and considerations for your journey to the first trade.
Coordinating the Complex Ecosystem
The implementation process for an exchange is like orchestrating a symphony, where various players within a complex ecosystem must harmonize their efforts. Your exchange platform and matching engine software provider should understand the challenges of coordinating third-party agreements, technical ownership of exchange operations (including business continuity and disaster recovery procedures), and vendor selection.
The Value of an Implementation Roadmap
An implementation roadmap, based on a comprehensive Discovery engagement, helps identify functional gaps and set up environments for testing early. At Connamara, our experience has shown us that this foundational approach sets the stage for successful implementation and beyond. That’s why our process emphasizes coordinating with you and multiple Independent Software Vendors (ISVs) — unique to your market and regulations — to form a roadmap that integrates your exchange ecosystem with EP3 to create an easy-to-use platform for the production launch.
Key Milestones on Your Journey
The implementation journey is marked by several key milestones that pave the way for a successful exchange launch. While the order of the steps can vary, your exchange provider should be well-versed in each of the following:
- Vendor Selection: Establishing business relationships and streamlining onboarding.
- Deployment: Swiftly launching the exchange platform to allow time for training and testing.
- Training: Equipping the exchange operations team with the necessary skills and knowledge.
- Integration: Connectivity with APIs and Independent Software Vendors (ISVs).
- Custom Functionality: Adding bespoke features to meet unique requirements.
- Testing: Iteratively evaluating and refining the environment.
- Disaster Recovery: Preparing for unforeseen challenges and ensuring continuity.
- Functional Acceptance: Confirming the environment’s readiness for production.
- Demonstrations: Showcasing the exchange to regulators, investors, and market participants.
Common Challenges on the Implementation Path
During the exchange implementation process, you can encounter a range of challenges, from coordinating third-party agreements to meet go-to-market deadlines, ensuring all market functions and controls are in place and have been tested and demonstrated, and determining technical ownership of the exchange operation — from business continuity to disaster recovery procedures. This is why it’s crucial to have a team of seasoned experts on your side.
At Connamara, our implementation process takes all potential challenges into consideration, working to eliminate issues before they arise. Backed by a team of engineers who have successfully navigated this path many times, our process allows you to focus on things like differentiating your exchange, adding value, attracting liquidity, and driving business growth.
A Tailored Approach
One size does not fit all in the world of exchange implementation. That’s why finding a trade matching engine provider that tailors its services to meet your unique needs and requirements is important. While some providers may have a fixed timeline and a “take it or leave it” attitude, at Connamara, we focus on customizing implementations and don’t consider the process complete until everything works seamlessly.
“The exchange implementation process involves many moving parts, which brings risk to an exchange’s production operation. At Connamara, our discovery process provides the needed confidence for a smooth and successful implementation phase. Our implementation process leverages confidence from discovery to work with our customers each step of the way toward their first trade,” said Matt Lane, Connamara’s Director of Professional Services.
Post-implementation support is crucial to your success. This is one of the big reasons an off-the-shelf option can fall short. You want your provider to include tailored support solutions, including around-the-clock engineering support when needed. You should have a direct line for assistance with engineers who actively work on the system, ensuring that critical infrastructure is maintained and operational.
Market Expertise Meets Engineering Excellence
The exchange implementation process involves many moving parts which bring risk to the exchange’s production operation. At Connamara Technologies, we have fine-tuned the approach to exchange implementation with EP3TM, offering a blend of market expertise and engineering prowess. We specialize in performance and optimization, software integrations, and connectivity so you can focus on what you do best — building better markets.
Contact us today to learn more about EP3, our implementation process, and how we can help you get to the first trade faster.