Adaptive Financial Consulting (Adaptive), the specialist global trading technology solution provider, announces today that it has completed the implementation of a new ultra-low latency proprietary trading system for DriveWealth, LLC (DriveWealth), a global fintech investment rail and pioneer in fractional investing.
The new trading system will help DriveWealth respond to increased demand in its retail brokerage business, where a growing number of fintechs are looking to add U.S. equity markets trading capabilities. The firm already provides trading capabilities to over 100 partners globally and the number of people trading using the firm’s software through third party retail platforms has more than doubled in the past year to over 12 million.
The next generation order management system is built using Adaptive’s Aeron Solution Accelerators and is designed to accommodate significant order volumes to support DriveWealth’s ambitious growth plans. It will be initially used to handle and scale all internalized orders for U.S. equities fractional trading, with other asset classes to follow.
Adaptive worked closely with DriveWealth’s core trading team to deliver a solution with industry-leading performance to meet DriveWealth’s demanding throughput targets and need for ultra-low latency. Adaptive’s approach provided the development acceleration, building on top of the fault-tolerance, efficiency, and resilience of the open source Aeron Transport and Aeron Cluster solutions.
Commenting on the partnership with Adaptive, Harshal Deo, CTO, DriveWealth, said: “Our promise to our global fintech partners has always been that we will provide them with the best trading technology to access the U.S. markets. As demand from retail trading continues to grow, we looked for technology partners who could not only help us build capacity to scale but also innovate by combining the best proprietary technology with the best available vendor solutions to help us continue to support the exceptional growth in demand of our platform. Adaptive and Aeron proved the perfect choice.”
Donato Cuttone, CEO of DriveWealth Institutional added: “As retail participation surges and markets enter a new era of greater volatility, having a powerful technology offering that enables us to handle significant volumes at speed is vital. Developing a proprietary low-latency trading system with Adaptive not only differentiates DriveWealth from competitors, but gives us the ability to scale and perform reliably in a rapidly changing market. Working directly with Adaptive’s expert team allowed us to achieve this - delivering a next generation solution that perfectly suits our partners’ needs and future proofs our business in the long-term.”
Fergus Keenan, Chief Strategy Officer, Adaptive Financial Consulting, added: “DriveWealth had a remit to deliver a customized trading solution at a time of great change for retail equity trading. Through this partnership, our experience in trading technology and Aeron Solution Accelerators were combined with DriveWealth’s desire to innovate and push the boundaries. The result is a truly state-of-the-art customized OMS. Adaptive is excited to continue working with the team at DriveWealth to evolve this solution and deliver new workflows using Aeron at the core.”
