The pandemic retail trading boom ushered in a new era of user expectations. Robinhood became emblematic of this shift – pioneering a clean, frictionless interface that mirrors the simplicity and familiarity of everyday apps, and invited millions to interact with markets for the first time. Its zero-commission model grabbed headlines, but it was Robinhood’s intuitive design, mirroring consumer-grade apps, that truly changed the game
But can the institutional trading community replicate this level of intuitiveness? And is such a goal even realistic, given the intricate technical functionalities and diverse priorities demanded by institutional traders?
The retail UX evolution
Retail platforms like Robinhood, Revolut, and Nutmeg flourished by stripping down trading to its essentials. Their appeal wasn’t just zero fees – it was the simplicity: swipe-based trade executions, colour-coded dashboards and instant onboarding. These platforms weren’t designed for seasoned professionals but for the curious layperson. The success lays in minimising friction, speaking in plain language, and designing for accessibility.
This wave of consumer-centric UX didn’t just disrupt trading, it reset expectations. Younger generations, raised on smartphones and real-time experiences, began expecting the same in every digital interaction.
Institutional platforms: A world apart
Institutional trading platforms have historically operated on a different plane, with their design philosophy always prioritising speed, depth, and precision over usability. Feature-rich environments like EMSs and OMSs are built for high-functioning professionals.
Historically, many of these systems were designed with the assumption that users already possessed deep knowledge of trading mechanics. This assumption, while valid in many cases, has often resulted in systems that overlook opportunities to simplify or streamline workflows. In many institutions, interface design was treated as secondary: as long as the functionality existed, it didn’t matter how it looked or felt. Here is where Liquidnet is reimagining its front-end to bring the best of retail UX to institutional trading.
Barriers to adopting retail-like UX
Adapting retail-style UX in institutional environments is challenging. The workflows involved in institutional trading are inherently complex, requiring coordination across compliance, risk, asset classes, and order lifecycles.
Institutional desktops also consist of numerous interconnected systems. A single platform cannot cover every traders’ needs. Instead, interoperability – the ability of systems to communicate seamlessly – becomes crucial. This interconnected complexity far exceeds the relatively self-contained retail trading apps and requires a careful approach to any UX overhaul.
Moreover, any redesign must be implemented carefully to avoid disrupting entrenched workflows. Many institutional traders are comfortable with their existing systems, even if they are clunky. Changing them risks productivity dips unless the new system offers immediate and intuitive benefits.
Lessons from retail: What can be applied?
Despite the challenges, institutional players can still learn from retail. At Liquidnet, the development team has undertaken a significant revamp of the front-end trading platform, specifically aiming to embed intuitive UX into institutional workflows. The objective has not been to oversimplify, but rather to make routine tasks easier and faster to execute while surfacing unique features that could enhance execution performance at the opportune time.
A key example is the repositioning of the Auto X feature. Although the functionality had existed for years, it had been buried in the interface and traders were underusing it. In redesigning the new interface, the team analysed trader workflows and repositioned Auto X at a natural decision-making point, ensuring it surfaced when it was most relevant. This minor interface tweak resulted in usage of the feature increasing several hundred percent among active users.
But the redesign process didn’t happen in isolation. They consulted with Members, studied peer platforms and even took inspiration from consumer apps. Rather than trying to reinvent every element, they aimed to refine and integrate proven patterns into a more coherent and ergonomic trading environment.
Another insight that guided the redesign was a generational shift on trading desks. With ever-younger traders joining firms, many of whom are digital native and already familiar with consumer-grade financial apps, expectations for usability have risen. Recognising this shift, the team worked to reduce the onboarding curve and make workflows more discoverable for new users.
A vision for the future: UX as alpha enabler
Liquidnet’s strategy goes beyond aesthetics. A well-designed UX can reduce time-to-alpha by making workflows more efficient and reducing the time traders spend navigating interfaces. With a presence on over a 2,000 desktops across the globe, the firm is investing heavily in interoperability across systems, ensuring that its platform plays well within the wider ecosystem of tools found on trading desks.
As part of its vision, Liquidnet is building toward a unified platform that consolidates its broad range of services: from execution across multiple asset classes to analytics and commission management, into a single, cohesive interface. This ‘one window into Liquidnet’ approach aims to eliminate internal silos and provide faster access to critical tools.
They are also exploring generative AI. However, in a cautious and pragmatic way. Rather than adding a generic chatbot, the focus is on embedding AI into specific workflows in ways that genuinely add value without complicating the user experience.
This forward-looking vision is anchored by their commitment to co-develop with clients. Through regular ‘Liquidnet Labs’ sessions and user pilots, the platform is evolving in tandem with client needs. Features such as Superblock Matching and others have emerged directly from these sessions and the team ensures that user feedback translates into tangible updates, fostering trust and long-term engagement.
Ultimately, Liquidnet believes that institutional platforms must move beyond the assumption that traders will simply adapt to whatever interface they are given. Smart design is not about dumbing down, it is about empowering experts with tools that enhance rather than hinder performance.
Enabling alpha
The institutional world may never replicate the pure simplicity of retail platforms (nor should it). But, by embracing principles of clarity, accessibility, and thoughtful integration, Liquidnet is demonstrating how better UX can become a strategic differentiator.
In the battle for execution efficiency, usability isn’t just about appearances. It’s fast becoming a real enabler of alpha.