• Portware Enterprise Portware Portware Enterprise is a fully customizable execution management system (EMS) designed to act as a central platform for the creation and ...
  • Triton Black ITG ITG’s next-generation multi-asset platform for active traders of single stocks is the newest addition to the Triton® family. With its ...
  • Execution Management System (EMSX) Bloomberg To be successful, global markets traders need access to fragmented pools of liquidity, an intuitive execution platform, predictive analytics, ...
  • Real Tick EMS Eze Software Group RealTick EMS – Electronic Execution and Global Market Data - The RealTickTM EMS, a global multi-broker, cross-asset electronic execution ...
  • Linedata Trader+ Linedata Linedata's Trader+ provides traders with accurate, real-time and visually appealing information that influences trading decisions. Linedata ...
  • FlexTRADER FlexTrade FlexTRADER is our flagship solution, fully customizable EMS offering you pre-defined trading strategies and tactics for both portfolio and ...
  • Portware FX Portware Portware FX provides traders with a real-time view of the entire FX marketplace through a single, fully customizable front end trading ...
  • TradeSmart TradingScreen TradeSmart offers a customizable front-end Graphical User Interface (GUI) that enables Buy Side clients to trade a broad portfolio of ...
  • GEMS Gamma Three GEMS is a fully hosted multi-asset Trade Order Management System that enables investment managers to easily trade electronically with ...
  • Triton ITG Our award-winning EMS provides direct, broker-neutral access to global markets and easy-to-use tools to help achieve best execution. Connect ...
  • Flyer Online OMS FIX Flyer Flyer Online is a fully hosted, web-based order & execution management and connectivity solution providing a low cost, high quality, ...
  • Rival Trader Rival Systems The platform with the speed, analytics and performance you demand is here. We are Rival Trader, an advanced multi-asset trading and risk ...
  • TRADEDIRECTOR Patronas Financial Systems High-Touch-Trading solution for securities and derivatives - TradeDirector is our innovative Order Management and Routing System targeting ...
  • Broadridge Investment Management Broadridge Financial Solutions Broadridge Investment Management offers the next generation of real-time, global investment management capabilities. Our modular, multi-asset ...
  • REDIPlus EMS REDI Global Technologies - A Thomson Reuters Company Our leading edge technology makes trading simpler. With one platform to execute across asset classes and counter parties globally, REDIPlus ...
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EVALUATING EXECUTION MANAGEMENT SYSTEMS (for the buy-side)

Buyside EMS for equities, fixed income and listed derivatives trading are dominated by the need for greater operational efficiency and achieving better execution for clients. The overarching principle is one of automation of the trading activities - when, where and how the order is executed.

There are two families of dealing software solutions:

  • Execution Management Systems (EMSs)
  • Order Management Systems (OMSs) or (OEMS)

This section deals with Execution Management Systems (EMSs)

EMS are used by dealers to obtain best execution for their investors, increasingly in combination with advanced, automated and algorithmic trading strategies, DMA and smart order routing. High volume traders suffer from the associated limitations of a combined EMS / OMS (EOMS) and separate best-of-breed- OMS and EMS systems tend allow more control and refinements in the trading process.

KEY FUNCTIONALITY

diliger's EMS survey reviews the following key functionality:

  • Click Trading
  • Basket Trading
  • Programme trading
  • Electronic Trading
  • Send waves
  • FIX enabled
  • Trade Status / Fill %
  • Support full range of order types
  • IOIs Supported
  • Direct orders to destination
  • Automated routing
  • Time in Force Orders
  • Direct Market Access (DMA)
  • Algorithmic trading
  • Broker algorithms supported
  • Build trading algos on the fly
  • Quick trading buttons
  • Explain the process for adding a new broker algorithm
  • Blotters support slice'n'dice by portfolio / account
  • Sort blotters
  • Filter Blotters
  • Aggregate trades
  • Real-time trade blotter
  • Future rolls
  • Order Book Passing
  • Full depth of market data
  • Alerts of crossing opportunities
  • Explain any 3rd party connectivity / transaction fee
  • Broker neutral platform