To start benchmarking potential partners against the selection criteria you first need to do some research. The vendor’s website should give you general information about their capabilities and the products available. Industry events can also be a great way to see a demo of the software and get a flavour of what each company can do.
If you want to build a full picture of what’s on offer, it’s increasingly important to enquire about other capabilities or services.
As well as seeking a quality trading system, our prospective clients are looking at our API capability, market data costs, asset coverage, hosting and connectivity. Essentially businesses are looking for increased flexibility to design optimal workflows which fit with each client’s business model, something which our trading software has at its core.
To assess the vendor’s viability and future direction, the following information should help, most of which is usually widely available:-
- company history and financial results
- client lists and recommendations
Whilst these are good sources to start with they are greatly enhanced by carrying out a formal RFP process.
Finally, whether you carry out an RFP or not, do question what training and ongoing support is available. This is vital to make sure you are partnering with a business which will be there for you long after initial implementation.