NEX Group – formerly known as ICAP – is a UK-based business with a focus on both electronic markets and post trade business.
Against the backdrop of regulatory and technological change, NEX provides its customers with platforms, tools, and expertise, all of which allows them to execute trades efficiently.
They have also been at the forefront of technological advancement in their field, investing in companies that challenge convention, while operating an exchange that helps entrepreneurs raise capital on the public market.
NEX acquired Electronic Broking Services (EBS) – a wholesale electronic trading platform used to trade foreign exchange (FX) with market making banks – in June 2006.
Currently, NEX accounts for around 70 percent of all Forex transactions globally.
To support their continued growth and development, NEX required a reliable partner to coordinate and implement development teams for two distinct technologies. They found that partner in Ignite.
The Challenge of Culture Transfer
By switching business focus to digital Forex, NEX needed to extend their teams, and we were only too happy to oblige. We quickly implemented two offshore development teams based in Kyiv.
However, in doing so, this brought about a significant challenge; one faced by every company that opts to outsource. Sharing and transferring internal culture and know how with an outsourced team can be difficult. Particularly when the industry is quite specific, and the people are new. Channels of communication must be open and seamless from the outset, otherwise it can result in a fractured and inefficient workflow.
The management of NEX understood the importance of culture transfer and – working closely with Ignite – helped our outsourced teams to carefully analyze the existing product and industry. Communication was markedly improved and the remote team came to understand the processes and tasks to such an extent that there was a full buy-in of the NEX internal business culture.
We are here to discuss
To ensure the teams in Israel and Ukraine were on the same page throughout the project, it was crucial that open lines of communication were maintained.
This meant that when the development process was in an active stage, daily stand-up meetings (via video link) were arranged, allowing development teams from both countries to see one another, discuss project goals and tasks, and make sure everyone understood their roles.
And this was complemented by bi-weekly check up meetings.
What’s more, arrangements were made for regular business trips to meet in person and work side-by-side. The Ukrainian team also visited the NEX offices in both Israel and China to keep everything on track.
Full Stack Development
By overcoming the challenge of internal culture transfer, we could focus on delivering the services NEX required to flourish in the digital Forex industry.
This began in December 2015 with a dedicated Flex development team, before adding a C++ development team further down the line.
The C++ team handled backend development tasks and were integral in developing the core technology of the NEX main platform. And the Flex team took on a multitude of frontend development tasks.
As an outsourcing partner, Ignite has a great deal of experience in full stack development. We are responsible for both internal processes (backend) and user interface (frontend). This was a key advantage for Ignite in securing the relationship with NEX, as we were able to provide reliable teams of experts for both elements of the project, therefore working in synergy. This was in contrast to competing companies who were only able to offer one or the other with regards to backend and frontend development.
Ignite’s developers are now involved in the huge project of bringing NEX to China. With CFETS-NEX, cutting edge technology will be used for financial electronic execution services in the country.
And there are further plans afoot to add a Java development team to the outsourced teams in Kyiv.
Thanks to Ignite’s involvement, NEX were able to focus on business development and expansion into other markets, leaving the management of the development teams to a trusted partner.
One of the biggest wins was entering the massive and growing Chinese market, and with Ignite’s flexibility and expertise, NEX was able to do so smoothly and successfully.
Contact Ignite today to find out how we can help support the growth and development of your business.