Delivering Certainty in Capital Markets

Delivering Certainty in Capital Markets

In this latest episode of FinTech Focus TV, host Toby is joined by Daniel Curry, Chief Revenue Officer at Connamara, for a fascinating conversation that spans decades of innovation in capital markets technology. With a strong foundation in software engineering services and a track record of building successful financial exchanges, Connamara has firmly established itself as a trusted name in capital markets infrastructure.

This episode dives into the origins of the firm, the evolution of its offering, and the bold decisions that led to the launch of EP3 and Concentriq, two initiatives that exemplify Connamara’s ability to blend technical excellence with commercial foresight. For those in FinTech recruitment, this conversation is packed with insights about business longevity, technology trends, and the importance of reputation in a competitive market.

From Market Data to Revenue Leadership in FinTech

Toby opens the conversation by reflecting on how long this interview has been in the making. Daniel shares that he joined Connamara around nine years ago, after having previously sold his own market data company, SpryWare, to Pico. During his time at SpryWare, Daniel became familiar with Connamara’s implementation services, which were consistently delivered to a high standard. When the opportunity arose to join the company, Daniel made the move, citing his existing trust in the brand and team.

The conversation highlights how crucial it is in the FinTech sector to work with companies that have proven their expertise. Daniel’s decision to join Connamara came not just from ambition, but from witnessing the quality of their delivery first-hand. This kind of integrity and performance history is increasingly rare and remains central to why Connamara continues to attract clients and talent.

Building a Capital Markets Engineering Powerhouse

Connamara was founded in 1998 by Jim Downs, who had previously worked as a successful options market maker in Chicago. Alongside President and COO Mike Gatny, who has been with the company for almost two decades, Connamara set out to build software engineering services tailored to the capital markets.

The firm’s early success came from a bold move, creating an open-source implementation of the FIX protocol called QuickFIX. At a time when open-source software was not widely accepted in financial services, this decision reflected a commitment to innovation and community support. Today, QuickFIX is widely used across the industry, and Connamara continues to contribute to more than 17 open-source projects. This commitment to shared knowledge and high technical standards is a hallmark of Connamara’s work.

Daniel explains that this early work with FIX protocols has led to the company being recognised as an authority in the space. Over time, they expanded into building full exchange systems, particularly in the derivatives space. Their experience spans not just core matching engines but all the ancillary technology required to launch regulated trading venues.

Engineering Full Exchange Systems with Precision

One of Connamara’s most notable partnerships has been with Richard Sandor, the man widely referred to as the “grandfather of financial futures.” Connamara helped build the Chicago Climate Exchange and later, the American Financial Exchange, both of which were ultimately acquired by Intercontinental Exchange (ICE). These projects not only demonstrated Connamara’s ability to deliver regulated platforms but also positioned the company as a go-to partner for building innovative trading infrastructure.

Another major success came with Aris Futures, where Connamara built the technology underpinning the exchange and supported its launch as a designated contract market with the CFTC. These examples underscore the company's ability to navigate the regulatory and technological challenges involved in capital markets.

Working out of Chicago has allowed the firm to maintain a strong connection with derivatives and regulated markets. Daniel explains that this deep market knowledge, combined with a technical team capable of delivering complex backend systems, has enabled Connamara to stand out in a crowded FinTech landscape.

Spinning Out EP3: A Strategic Product Pivot

Daniel and Toby delve into one of the most exciting chapters in Connamara’s recent history, the launch of EP3. Built internally starting in 2019, EP3 is a modern, microservices-based exchange platform developed using open-source technologies. The product grew out of Connamara’s vast experience and accumulated knowledge of what works (and what doesn’t) when building exchanges.

Rather than continue building bespoke systems from scratch for every client, the team saw an opportunity to standardise their offering. The result was a product that could be offered to multiple clients and eventually spun out as a separate business, EP3 by Connamara Technologies, based in Austin, Texas.

Daniel explains the rationale behind the spinout: different business models required different structures. Connamara’s core remains a professional services firm, while EP3 is now a standalone product company with its own development, support, and go-to-market teams. This move not only allowed for a more focused approach to product development but also provided the flexibility to attract new engineering talent with stock options and a start-up culture.

Microservices, Modern Architecture, and the Future of FinTech Infrastructure

The conversation shifts to one of the most pressing trends in FinTech technology, the move away from monolithic systems to microservices-based architecture. Daniel notes that many large institutions still operate on legacy platforms but are now looking to modernise. Connamara has been ahead of this trend, adopting distributed systems early on and building microservices architectures using message buses like Kafka and RabbitMQ.

This technical foresight has become a key differentiator for the business. Many of their current engagements involve helping clients transition to microservices, designing and implementing new architectures that allow for better scalability, reliability, and flexibility.

As part of this modernisation push, Connamara has quietly developed a new internal product called Concentriq. This tool acts as a stateless adapter, enabling clients to abstract complex protocols like FIX and transform them for distributed messaging environments. Operators can manage workflows through a user interface, and the product supports multiple FIX versions and custom dictionaries.

Still in the early stages of its rollout, Concentriq has already been adopted by clients and is positioned to play a major role in future projects. The development was directly shaped by client feedback, ensuring that the tool solves real-world challenges with precision.

Why Clients Trust Connamara to Deliver

When Toby asks why clients choose Connamara over other providers, Daniel’s answer is clear: the company delivers certainty. In a high-risk, highly regulated environment, the ability to trust your technology partner is critical. Connamara is known for integrity, experience, and professionalism, values that stem directly from its origins in trading.

Jim Downs’ background as a trader instilled a sense of responsibility in the company culture. “Your word is your bond” is not just a saying, it’s a principle that guides every client interaction. This ethos, combined with decades of technical delivery, gives Connamara a unique edge in the professional services space.

Daniel explains that they maintain a detailed experience database that helps scope out projects with accuracy. By referencing previous work, including project length, resources used, and time to delivery, they can provide clients with realistic estimates grounded in data. This gives clients confidence in what they’re buying and distinguishes Connamara from less specialised firms.

Sustaining Long-Term Success in FinTech Professional Services

As the discussion continues, Toby reflects on the challenges of being a professional services firm in FinTech. The expectations are high, and delivery failures can be costly. Daniel acknowledges this, explaining that in their space, reputation and reliability are everything. Connamara’s success over 25 years is testament to their consistent ability to deliver value.

The team continues to support clients across front-to-back projects, including the development of trading screens and user interfaces using modern frameworks like React. While the company is known for its backend engineering, they are increasingly involved in full-stack development, particularly for clients deploying the EP3 backend who also need front-end customisation.

This adaptability is a key strength. Whether helping clients build from scratch, modernise existing systems, or deploy new products, Connamara is focused on outcomes. The goal is always to deliver complex solutions with certainty, and that ethos continues to define their approach.

A Bright Outlook for Capital Markets and Connamara’s Growth

Toby and Daniel wrap up with a discussion on the broader FinTech market. With volatility still influencing capital markets, there is a renewed focus on technology, efficiency, and innovation. Daniel shares that Connamara is seeing strong interest in new forms of trading, particularly following recent regulatory changes from the CFTC.

One notable example is the approval of event-based contracts, such as those tied to political outcomes or sporting events. This has opened up new retail markets, and one of Connamara’s clients became the largest exchange in the US by contract volume during an election cycle. It’s an impressive milestone and a powerful demonstration of what their platforms can achieve.

Looking ahead, Connamara expects strong growth in both their services and product lines. With EP3 gaining traction and Concentriq supporting legacy migrations, the firm is well-positioned for continued expansion. Meanwhile, their professional services arm remains as essential as ever, bringing the certainty and specialism that capital markets clients depend on.

Final Thoughts: Experience, Innovation, and Trust in FinTech

This episode of FinTech Focus TV captures the core of what makes Connamara unique. It’s a business built on deep domain expertise, long-term relationships, and a commitment to engineering excellence. In an industry where many chase rapid scale, Connamara has taken a different path, growing steadily, solving real problems, and earning trust at every step.

For those in FinTech recruitment, Daniel’s insights serve as a powerful reminder of what clients value most: certainty, capability, and a clear sense of purpose. Whether building trading infrastructure, launching new products, or modernising legacy systems, Connamara remains one of the most trusted engineering partners in capital markets today.