In the current economic climate there seems to be a bit of a slowdown in the sell-side tech space at the application level. Plenty of action in the move to cloud based applications, plenty of action in the low latency space. A few firms out there appear to be working on a software and service offering with business models that differ from the usual license fee plus maintenance contract plus professional services model.
Just three of them that I have found out about are listed below
Be interesting to hear of anyone out there with a bit more experience of these firms…
Mostly... fixed income and cross product eTrading 
