Rethinking Sell-Side Technology: A Conversation with Rajiv Kedia 

In an era of rapid market evolution and increasing cost pressures, sell-side firms are being forced to rethink how they approach technology. From rising regulatory demands to surging order volumes and the growing importance of modular, resilient infrastructure, the trading landscape is more complex than ever.  

We spoke with Rajiv Kedia, Principal, Associate Founder & Global Head of Sell-Side Trading Solutions at FlexTrade, to discuss how firms can future-proof their technology stacks, where they should focus investment, and what truly defines a modern technology partnership. 

What challenges are sell-side firms facing today with their technology stacks?

The sell-side is under enormous pressure on multiple fronts. Market structure and regulations continue to evolve, and trading itself has become increasingly multi-asset and multi-regional.  

Buy-side firms expect this complexity to be handled seamlessly; if it isn’t, they move their flow elsewhere. At the same time, spreads remain compressed, the commission wallet is smaller than it has ever been, and technology, infrastructure, and cybersecurity costs are all rising. There has never been greater cost and concern associated with cybersecurity than there is today. 

We’ve also seen heightened volatility and risk in recent years, which only adds to the challenge. Even though equity volumes have recovered post-COVID to pre-financial crisis levels, the underlying economics are tougher. Taken together, these factors are forcing firms to fundamentally rethink how they invest in technology. 

Order and execution volumes have increased tremendously, even compared to just three to five years ago. This kind of scale requires zero downtime, seamless failovers, and architecture that can handle massive throughput without breaking. Even a slight delay can translate into losses or reputational damage. 

How should firms rethink their technology spend to stay competitive? 

I think firms need to be clear about what truly differentiates them versus what can be handled more efficiently by a vendor. Internal resources should be focused on areas like proprietary algos, pivots into new asset classes such as options and ETFs, or more effective use of capital in businesses like ETF market making, swaps, prime brokerage, and stock loan. These are the areas where firms can really create value. 
 
On the other hand, commoditized functions — core OMS infrastructure, venue connectivity, regulatory workflows — are better outsourced to vendors who can deliver them at scale. That approach keeps costs manageable, reduces operational risk, and allows firms to redirect time and budget to the things that matter most. For example, with FlexAlgoWheel, firms can deploy their proprietary trading/routing logic quickly without rebuilding the entire system from scratch. 

What should firms look for in a technology partner? 

The first thing is a proven track record — stability and reliability under pressure are non-negotiable. That comes from decades of working with the largest global institutions and consistently delivering results. 
 
Equally important is flexibility. A modular, open-API architecture allows clients to adapt quickly to market changes, regulatory shifts, or new business opportunities — without risking the entire installation or instance. 
 
Moreover, firms should look for a partner, not just a vendor — someone who can help re-engineer workflows, share best practices, and align technology with the strategic goals of the business. That means giving management the ability to maneuver more efficiently, improve profitability, expand coverage across asset classes, and even support new lines of business such as outsourced trading or ETF create/redeem. 
 
FlexTrade has been a true technology partner for over 30 years — we don’t have any other business. Our OMS is trusted by some of the world’s largest investment banks and broker-dealers. And with hundreds of developers dedicated solely to OEMS, we have the engineering depth to keep clients both stable today and prepared for what’s next. 

How do you see disruptive technologies like AI shaping trading technology? 

Disruption is nothing new in this industry — it’s constant. Right now, AI is one of the most visible examples, and we see it as a tremendous opportunity. Used effectively, AI can deliver smarter tools and analytics, making workflows more efficient and trading decisions faster and better. 
 
The real challenge is integrating these innovations without compromising stability. That’s where vendors play a critical role: helping clients adopt disruption in a way that enhances performance while ensuring resilience. Ultimately, firms want to know their technology stack is future-proof, and that’s exactly the role we aim to play.