Transforming Global Finance Through eFX Modernisation
We're transforming global finance by enabling European banks to decommission legacy tech and offer enhanced Single Dealer Platforms - delivering faster, more reliable services to their customers. Continue reading ↓
Did You Know?
Caspian One helped a European Investment Bank decommission its legacy eFX platform, transitioning to a microservices architecture by developing a low latency pricing, hedging, and trading stack and enhancing their Single Dealer Platform.
Caspian One’s role in this project underscores our ability to manage highly complex technology decommissioning and transition initiatives with precision and strategic foresight. By leveraging a deep understanding of the client’s infrastructure, Caspian One delivered a milestone-based, outcome-driven solution that mitigated risk, ensured regulatory compliance, and provided long-term scalability.
Expertise in microservices architecture, low-latency trading technology, and project governance enabled the client to modernise its eFX platform without disrupting critical trading operations. This success story highlights Caspian One’s capacity to act as a trusted partner in navigating large-scale transformation programs, ensuring seamless execution and measurable business impact.
The Challenge
For over 15 years, a leading European Investment Bank had relied on the same eFX platform to power its FX eTrading function. Over time, the system had become increasingly fragile and complex, with multiple intersecting applications making any updates or changes highly risky. Even minor modifications could trigger cascading failures across the bank’s technology ecosystem, often taking days or weeks to resolve.
Recognising the growing operational and regulatory risks, the bank decided to embark on a multi-year transformation programme. Their goal was to break apart the monolithic system and transition to a modern, microservices-driven eFX architecture. However, given the scale, complexity, and mission-critical nature of the platform, they needed a trusted partner with deep institutional knowledge to lead this transformation.
Beyond the technical challenges, there were also strict governance and cost control requirements. The bank needed a structured, milestone-driven approach that allowed them to scale resources strategically and cost-effectively, while ensuring the decommissioning process did not disrupt core trading operations.
Our Approach
Having partnered with the bank for over five years, Caspian One had an intimate understanding of their existing tech stack, processes, and operational structure. Leveraging this experience, we designed a Statement of Work (SoW)-driven model, ensuring a phased, structured approach to the decommissioning and modernisation process.
Our team took responsibility for developing and enhancing a new low-latency pricing, hedging, and trading stack, built to support high-frequency FX trading at scale. As part of the transformation, we worked on rebuilding the bank’s Single Dealer Platform, ensuring seamless integration with internal sales tools and aligning with their evolving trading strategies.
To further support the transition, we provided expert-led administration and development across key areas, including eFX Algo, eFX Data/KDB, and Sales Technology. This work ensured that not only was the new architecture scalable, but that data management and trading analytics were fully optimised to meet the demands of a modern FX trading environment.
Throughout the engagement, our structured milestone-based delivery model gave the bank full control over planning, governance, and resource scaling, allowing them to maintain regulatory compliance and operational efficiency without unnecessary cost overruns or resourcing constraints.
The Outcome
By the end of the engagement, the bank had successfully transitioned away from its legacy eFX platform, replacing it with a scalable, microservices-based trading architecture that dramatically improved performance, resilience, and adaptability. The Single Dealer Platform was modernised, providing a faster, more intuitive user experience and allowing the bank to react swiftly to market demands.
Perhaps most significantly, the structured SoW approach provided the bank with the flexibility to scale resources up or down as needed, without losing control over costs or governance. With Caspian One managing the decommissioning, development, and integration processes, the bank’s internal teams were free to focus on strategic initiatives and revenue-generating activities, rather than firefighting legacy system failures.
The success of the programme laid the foundation for continued innovation and expansion, with our work extending into new areas, including eFX Algo trading, KDB-based data analytics, and sales technology enhancements. What began as a decommissioning project ultimately evolved into a strategic transformation initiative, positioning the bank for long-term success in an increasingly competitive FX trading landscape.
What This Meant for the Client:
More than just replacing a legacy system, this transformation enabled the bank to futureproof its eFX trading operations, ensuring greater stability, efficiency, and responsiveness to market changes.
With a modern, service-oriented architecture in place, they now have the agility to adapt, scale, and innovate - all while maintaining the high performance and reliability that their clients expect.
Key Details & Expertise
Keywords: eFX Platform, Microservices Architecture, Low Latency Trading Stack, Hedging, KDB, Single Dealer Platform, Legacy System Decommissioning, Regulatory Compliance, Market Making, Sales Technology Integration
Primary Areas of Expertise: Application Development, Infrastructure
Secondary Areas: Legacy System Modernisation, Trading System Development, Kdb+, Low Latency, Microservices Architecture
Resource Roles: Solution Architect (Financial), Low-Latency Developer, Quant Developer
Looking for Similar Expertise?
Caspian One specialises in modernising and optimising trading systems - from decommissioning legacy platforms to building scalable, high-performance trading architectures. Get in touch to discuss how we can support your transformation.
