New Schwab Front End: Retail Design, Wholesale Benefit
Yesterday, I attended the launch of retail broker Charles Schwab's new SmartStreet Edge trading front end, which is geared for Schwab’s most sophisticated active traders who make a minimum of four traders per month—but with 10 trades per month, clients get free Level 2 market data.
Yes, there's a major difference between what professional traders and retail traders require of their systems. For example, the new platform doesn't support algorithmic trading at the moment, but you can see how the broker is slowly inching in that direction by offering what it calls a "bracket order," where traders enter their trades to get into the markets while also defining exit points if the market moves with or against them.
What really caught my eye was the level of intuitiveness that Schwab has brought to bear on the user interface (UI) and which designers of wholesale trading systems can use as a good example. Sitting in front of the system, the trading work flow comes naturally. Each mouse click gives way to the next logical step in the trading lifecycle.
Schwab can claim all the credit for the design, since it hired Austin, Texas-based UI-design shop Projekt202 to handle the field research among the broker’s active trader client base. Projekt202 staff examined how each user consumes and synthesizes information and then acts on it.
The result proves that if something is not designed well, people will not use it. Since beginning beta testing in November 2010, client feedback has been very positive, according to officials.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
Should banks risk lightning hitting twice for CrowdStrike?
Bank tech teams divided on whether to give security vendor a second chance after update crash.
Northern Trust adds fixed-income capabilities for outsourced trading in Asia-Pacific
The custodian bank now offers 24/6 fixed-income trading coverage with desks in Chicago, London, and Sydney.
South Africa’s equity markets court HFTs with tech upgrades
Competition for flow has driven innovation in connectivity, risk, and data provision.
Dealer relief at delays to Refinitiv Matching’s tech migration
First phase of replatforming for Swiss spot pairs set to be pushed to mid-2025.
Kepler Cheuvreux builds proprietary execution platform with Adaptive
The broker wants to move away from third-party technologies as DORA’s risk management requirements could make vendor relationships more cumbersome.
Let’s grow the third-party risk playbook – CME security chief
The CrowdStrike outage has highlighted the need for the financial sector to adjust its game plan.
Facing platform shutdown, former IEX Cloud head buys its assets in 11th-hour bid
Tim Baker, Pedro Aguayo, and a silent partner have come together to purchase IEX Cloud’s assets days before the exchange was to retire all its products on August 31.
Recent volatility highlights tech’s vital role in fixed income pricing
MarketAxess’ Julien Alexandre discusses how cutting-edge technology is transforming pricing and execution in the fixed income market amid periodic bouts of volatility