Now to prefix this post I am obviously only a cog in the many wheels it takes to build a product like a Single Dealer Platform and these opinions are solely mine and many members of the team, past and present, will obviously ave differing opinions. The Alpha platform has had its ups and downs, as had the whole market, however I am pleased to say it is a successful and profitable multi asset platform and I am proud to have played a part in its success. That being said there are things that could have smoothed the sometime bumpy ride. However I dont feel it is fair to throw stones as many of these problems are industry wide and we have interesting issue of having two industries to deal with, finance and technology and to ease the thought process in this post I will take the question and rephrase to if you had to build an SDP what would focus on?
Form Key Relationships
Business Buy-InThe platform should be supporting the business and not conflicting with exiting goals and other teams strategies. If you have sales teams or team members that feel the product is competition you need to get them on board or you risk having to work against their negative energy. Sales and traders can have significant sway in the bank so obviously having them as allies make for a much smoother project. The opposition to new products is not isolated to these profiles. Anyone who has developed software internal in a corporation will have come up against this, so it is a common problem we must over come. Given the platform should enhance their daily dealings by being able to provide up and cross selling facilities as well as a portal-like experience into research and post trade facilities, the product should actually be a good thing for the sales desks.
Backend SystemsBe prepared - Front end systems like SDPs do not work without good service from the various providers required to price and book trades. There is more to an SDP than this, however these systems are key. Work closely with these teams - the are your life blood. When delivery times are tight you may have to call in favours from these teams. At a business level these teams goals must have some alignment with that of the SDP or their work slate will continually be serving other priorities. To have a beautiful fornt end that is not integrated is an effort in futility and will quickly raise concerns from the bill payers.
Clear VisionFirstly know your strengths and play to them. Every bank cant not be the best in FX. Although most SDPs will have a strong FX and Fixed income feature set, trying to have the best prices and lowest latency is a costly venture. If you are going to try to take on the big boys you had better have a strong financial backer. If you are not one of those players, acknowledge it and find where your strengths are and use them. A strong product owner will be key here. His role will be to clearly understand the direction of the bank and to know what will drive the platform. He should have a clear understanding of our income sources and our user base. Defining core users is also key here. This will provide direction in the type of platform we will technically deliver : Desktop, RIA, Web, mobile or a combination should be a business decision based on the users of the platform, not based on the latest technical craze? Lastly we must have clear success criteria for each deliverable and the platform as a whole. When this is clear the team can easily all move in the same direction.
Deliver the GoodsIn my opinion: Delivery is king. Continuous delivery is a logical progression of a well oiled development team. To achieve continuous delivery you should address some key, common concerns early in the project. Authentication and authorisation, handling of entitlements, security concerns, auditing, logging and other such cross cutting concerns are all usually defined by the bank at a department or group level. IMO these should be addressed in the first iteration while other team members could possibly be working on PoCs realting to functional deliverables. This is also a good time to investigate some standard deployment concerns such as the handling of independent and aggregated modules, dependency management, versioning, forward and backward compatible migrations. From a higher level architectural stance the team will also need to define how they could deal with future scalability, reliability and regional requirements. Do we have the infrastructure to provide five 9s to a global audience with latency under 10ms? If not now is a good time to let the business know so they can lead the charge on making the necessary changes if required or so they can have their expectations realigned appropriately. The reason I prefer to address this early is because the cost is so much higher when done later in the project and delivery becomes an expectation and a core team value. It also raises the notion of non functional cost to the business; fives 9's up time is not free, nor are follow the sun deployments, the sooner the business are aware of this the better for everyone.
Justify your CostsBy understanding what brings value to the business we can more appropriately prioritise our work. One major issue that I have encountered on many projects is the confusion of the prioritisation of features that generating income versus those that prevent losses or reduce the cost of doing business. Both are of value.
Features that I can see SDPs typically spending too much on are technical "play things" (new frameworks etc), performance and low value "nice to haves". A good Product owner that has a good relation with his technical leads and architects should be able to address these issues easily.
Typical neglected features are resiliency, monitoring and work related to minimising maintenance cost. No one wants to pay for any of these but we often dont realise we want the consequence of not having them even less. The unfortunate thing is we often discover this far too late. IMO the key ways of reducing maintenance cost is clean well tested code (ie employing BDD and TDD).
Another key issue in resource allocation. It is easy to think due to the large mount of money involved in building these platforms that a large number of people should be involved. For any one who has read Fred Brooks' Mythical Man-Month or has managed very large software teams will know that the communication overhead of throwing more resources at the problem will most likely only exacerbate the problem. In addition to this hiring the wrong resources can also be catastrophic. Because of this I prefer, like many agile teams, to have small self managing teams comprised of exceptional people that are completely accountable for the delivery of their feature. The cost IMO of having unaccountable people or inappropriately skilled people on the delivery team is often just too high.
SummaryThe person that originally asked the question would possibly be surprised that my answer wasn't more technical as I think he wanted to hear "Use product X". I believe the tools used should ideally be representative of the way the team works and the product that needs to be delivered. Now this is not always feasible as there will be company wide mandates in place, however how that team works within those confines can often be quite impressive.
Like any project I believe a team led well, with a common clear direction and with members driven to deliver success will find a way.
A couple of books to me really resonate in this area, the Brooks classic as mentioned earlier and surprisingly to some The Art of Scalability. I originally bought this while working on the streaming price distribution components for Alpha but to be honest go more benefit in the non technical sections. The authors strongly believe a scalable system comes for a well oiled team that allows for scaling. If you are looking at starting a large scale system like an SDP would recommend this book for more than just the excellent technical read it is.