Welcome to the latest edition of At the Forefront: Fintech Conversations!
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In this episode, Forefront Head of Content Sam Belden sits down with Ian McIntyre, Managing Director and Global Head of Market Data at Pico. Together, they explore how evolving market structure and shifting client demands are reshaping trading infrastructure, with a focus on low latency technology, cross-asset expansion and the role of Pico’s Redline platform.
The conversation begins with an overview of Pico and Redline, a low latency software solution designed to handle real-time market data and support high-performance order execution. As Ian explains, firms are facing increasing pressure from rising data volumes and the need to process massive amounts of information in real time – challenges that have historically been concentrated in equities but are now expanding across asset classes.
From there, the discussion turns to the evolution of fixed income markets. Long considered less technologically advanced than equities, fixed income is undergoing a shift toward more electronic, exchange-like structures – particularly in areas like U.S. Treasuries. As these markets adopt centralized trading models and greater connectivity, demand is growing for the same high-performance infrastructure that has long supported equities trading.
Sam and Ian also explore the broader push toward standardization across trading environments. Rather than maintaining siloed systems for each asset class, firms are increasingly looking to deploy unified technology stacks that can operate across business units and regions. While the transition is complex and often requires untangling decades of legacy systems, the long-term goal is clear: reduce costs, improve efficiency and create more consistent performance across the organization.
The conversation also highlights the growing importance of full-service vendor models. As firms modernize their infrastructure, many are seeking providers that can deliver software, connectivity and managed services in a single integrated offering. This approach simplifies deployment, improves accountability and provides a clearer line of support when issues arise – an increasingly valuable proposition in high-stakes trading environments.
Finally, the discussion looks ahead to emerging trends including the rise of 24-hour trading and the continued expansion of global market access. While demand for round-the-clock trading infrastructure is still developing, it introduces new operational and technological challenges, particularly for firms without a global footprint. Looking forward, Pico’s roadmap remains focused on expanding connectivity, enhancing data capabilities and continuing to meet evolving client demands across an increasingly complex and interconnected market landscape.
For more conversations with fintech and capital markets leaders, explore the At the Forefront podcast archive or our YouTube channel.
If you’d like to learn more about Pico and their work, visit pico.net.
TLDR
1:00 – Introduction to Pico and the Redline platform
3:00 – Key industry trends shaping trading infrastructure
5:00 – The evolution of fixed income and electronic trading
11:30 – The shift toward managed services and full-stack solutions
18:30 – Redline roadmap: data growth and global connectivity