Functional Specification – Foreign Exchange Trading Platform

Foreign Exchange Trading Platform – Functional Specification & External Vendor Leadership

Project Overview

As part of a strategic modernization initiative within a global FX trading ecosystem, I led the creation, governance, and validation of the full functional specification for a new foreign currency trading application.

Due to internal resource constraints and the need to accelerate time-to-market, the decision was made to outsource the functional specification and UI/UX mockup production to an external specialized vendor. As Product Manager, I retained full ownership of the product vision, scope validation, and functional coherence.

The objective was to deliver a complete, structured, and scalable specification that would later serve as the foundation for internal development and roadmap execution.

Business Context & Strategic Objectives

The company already operated a legacy FX trading platform used by multiple banking institutions across different regions worldwide. This existing system covered a broad functional perimeter, including:

Order lifecycle management (RFQ, market orders, limit orders)
Liquidity provider integrations
Pricing engines and spread configuration
Risk and exposure monitoring
Client account and permissions management
Regulatory and reporting requirements

The goal was not merely to replicate the legacy application, but to modernize the product architecture, enhance UX, improve scalability, and prepare the platform for future cloud-native evolution.

Given the regulatory sensitivity of FX trading environments, accuracy, auditability, and operational reliability were critical design drivers.

My Role & Responsibilities

As Product Manager, I was responsible for:

Defining and structuring the complete functional scope of the new trading application
Translating business requirements into detailed, actionable functional documentation
Supervising the external vendor delivering the specification and mockups
Validating every module, workflow, and edge-case scenario
Ensuring alignment with the legacy system’s functional coverage while modernizing the user journey

I leveraged the depth of the existing production system as a benchmark, analyzing its strengths, limitations, and user feedback from global banking clients to enrich the new specification.

This approach enabled us to produce a comprehensive, end-to-end functional specification covering the entire trading lifecycle, including pricing, execution, monitoring, compliance, and reporting.

Specification Methodology & Structure

The specification was structured into modular functional domains to ensure clarity and future scalability:

Trading Interface & Execution Workflow
Liquidity & Pricing Configuration
Risk & Credit Controls
Client Management & Permissions
Audit Trail & Regulatory Compliance
Integration APIs & External System Communication

Each module included:

Detailed user stories and business rules
State diagrams and process flows
Exception handling scenarios
Edge-case validation
UI/UX mockups aligned with modern trading ergonomics

Special attention was given to performance expectations, latency constraints, and real-time data handling — essential in FX trading environments.

Vendor Management & Governance

Although the functional production was outsourced, product ownership remained fully internal.

I established:

Clear review cycles and validation checkpoints
Structured feedback loops between internal stakeholders and the external vendor
Executive-level reporting on progress and scope validation
Quality gates before approval of each functional domain

This governance model ensured that the delivered specification was not merely theoretical documentation but a production-ready blueprint for internal engineering teams.

Strategic Outcome

The finalized functional specification became the foundational document for the next major phase: the internal development roadmap and technical execution plan.

Because of the level of precision and completeness achieved during this phase, the subsequent internal development program was able to:

Reduce ambiguity and scope creep
Accelerate sprint planning and estimation
Improve cross-team alignment
Minimize rework and functional misunderstanding

This initiative positioned the company for a structured transition from legacy architecture toward a modernized, scalable FX trading platform.

Skills Demonstrated

Product Leadership: End-to-end functional ownership of a mission-critical financial platform
Vendor Management: External partner governance while maintaining internal strategic control
Financial Systems Expertise: Deep understanding of FX trading workflows and regulatory constraints
Structured Documentation: Complex system decomposition into modular, scalable specifications
Cross-functional Alignment: Coordination between business, compliance, and technical stakeholders

Why This Experience Matters for My Next Role

This project demonstrates my ability to lead high-stakes product initiatives within regulated financial environments, balancing speed, governance, and technical depth.

It directly reinforces my profile for Senior Product Manager, Product Lead, or Head of Product roles in fintech, trading technology, or complex B2B SaaS ecosystems where structured thinking, execution rigor, and strategic ownership are essential.