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Jim Adams, managing director, CIB Technology at JP Morgan

A newly formed group of finance industry players, the Financial Desktop Connectivity and Collaboration Consortium or FDC3, have joined an OpenFin-led initiative to bring universal connectivity and standards to all of the financial industry’s desktop applications.

The group aims to address the disarray in capital markets when it comes to standards, so they will set new ones that will enable faster decision-making, improve productivity and streamline workflow.

OpenFin, the operating system created for finance, designed to be unifying and application-agnostic, has contributed the open-source code that serves as the cornerstone for this new initiative.

FDC3 will solve the issue that users face of having to continuously re-key information, hampering productivity and creating operational risk, by creating common software and standards across industry applications.

Members of the FDC3 include Algomi, AllianceBernstein, Barclays, BGC Partners, BNP Paribas, ChartIQ, Citadel, Cloud9, FactSet, Fidessa, GreenKey, IHS Markit, J.P. Morgan, Morgan Stanley, OpenDoor, OpenFin, OTAS Technologies, RBC, RSRCHXchange, Trumid, TP ICAP, Wellington Management Company, and others.

“Interoperability is a core pillar of our digital strategy; it has the potential to allow us to capture efficiencies through the creation of better workflows while freeing our teams to focus on innovation rather than re-invention,” commented Cyril Cottu, global head of digital and ecommerce, global markets at BNP Paribas.

Bhupesh Vora, managing director, markets technology at Barclays said that communicating and sharing context between multiple apps without the huge overhead of bespoke integration will be a massive boost to productivity for both the development community and ultimately our salespeople and traders to get more done.  FDC3 provide on the desktop what FIX gave us for server side interoperability between venues and clients.

“Our Corporate and Investment Banking staff can use anywhere between 5-15 applications in their daily workflow,” added Jim Adams, managing director, CIB Technology at JP Morgan. “Interoperability would allow this workflow to become seamless across applications and platforms, ultimately making our employees more productive and informed when talking to internal and external clients.”

by Henry Vilar
Henry is Junior Reporter at IBS Intelligence, follow him on Twitter or contact him at: henryv@ibsintelligence.com