Review of Buyside OMS and EMS

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Review of Buyside OMS and EMS is the second report in the portfolio, order and execution management systems series.

Across the Buyside OMS and EMS are needed to improve efficiencies in the trading process. For the buyside trading process performance is one of drivers of profitability. This paper sets out responses to client demands for more efficient pricing and how best to achieve this via OMSs and EMSs by providing an impartial review of Buyside OMS and EMS from the most popular vendors. The degree of sophistication of process automation is determined by its importance to the business operating model. This results in offerings that vary in terms of comprehensiveness and specialisation which is examined by the report.

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The OMS-EMS business is generally depicted by the Buyside as one where OMSs are paid for and EMSs are supplied free-of-charge by the brokers. Historically there was little value in offering OMSs free-of-charge as they handle, among other functionality, back office functions that did not generate a flow for the provider. For broker provided EMSs, it is execution services, such as algorithms and access to dark liquidity, and the relationship driving the correlation between EMS usage and broker rankings.

Historically OMSs and EMSs have been developed separately. OMS and portfolio management functions started to merge, followed by the addition of TCA functionality. The trend to include elements of EMSs and OMSs in a single offering started to emerge about four years ago.

Vendor offerings can be grouped as follows:
• Standalone OMS solutions with portfolio management
• Specialised EMS solutions with algos
• Hybrid OEMS solutions

Published on: 11 Dec, 2012

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Review of Buyside OMS and EMS – Table of Contents

  • 1.0 Why Do the Buyside Need Order and Execution Management Systems?
    • 1.1. What Is an OMS?
    • 1.2. What Is an EMS?
    • 1.3. Client View of OMSs and EMSs
  • 2.0 OMS and EMS Buyside Implementation Model
  • 3.0 The Consolidation of EMS and OMS Functionality
  • 4.0 Trends Shaping OMS and EMS Offerings
    • 4.1. Functional Coverage Expands
    • 4.2. Global Reach
    • 4.3. Broker Networks Help to Overcome Connectivity Challenges