Qorso Technology QXP Frameworx improves design of NASDAQ’s new alternative asset exchange trading and settlements processing applications.
“NASDAQ partnered with Qorso Technology because of their unparalleled knowledge and expertise of institutional trading applications. The team’s innovative designs and break-through thinking resulted in a new vision for the NASDAQ’s new Alternative Asset Trading Desk software platform and is helping us develop a differentiated, market-leading product.”
The Challenge
In order to stay ahead of customer needs and demands, NASDAQ embarked on an initiative to add a new experimental exchange platform and migrate their front- and back-office applications to connect with soon to be built marketplace to exchange securitized asset pools of non-standard assets.
The Solution
NASDAQ partnered with Qorso Technology to design new alternative and distressed asset exchange trading and settlements processing application for their new technology platform. The project included updating the existing user interface, addressing functionality issues and uncovering new sales opportunities. To understand the context of user roles and processes, the team conducted end-user interviews with key constituents, including traders, front office sales team members and back office application representatives. They used the information along with innovative data visualization techniques to create wireframes for the front and back office applications, and developed a new visual design. The design was far better than the interfaces provided by competitive offerings, prompting executives to give the “green light” needed to implement the new designs.
The Results
* The addition of 2,500 more Broker Dealers into the NASDAQ Alternative Asset Trading Desk.
* Trading Fee Revenue increases of 20% year over year 2009 to 2010.
* Broker Dealer network satisfaction levels increased 8% YOY 2009 to 2010.
* Revenues from the new Exchange Platform have contributed to topline growth and bottom line profitability in a material fashion YOY 2009 to 2010.
In addition to an updated look and feel of trading applications, users experience a more flexible and interactive user interface which results in quicker trade entries. By focusing on user needs and workflow, Qorso Technology helped NASDAQ successfully improve productivity while providing consistency between traders and the sales team.
