Buy-side Execution Management Systems (EMS) | Financial Software Directory | diliger

Buy-side traders are under a constant assault from vendors and brokers alike offering the latest and greatest versions of execution management systems EMSs and order management systems OMSs. This, amid the action of daily trading, makes it difficult to decipher which features are essential and merit a change of systems, and which are "nice to have.

And because splitting trades across multiple venues is such a big part of trading today, many buy siders have multiple EMS screens on their desktops. Many also have an OMS, sometimes dating from pre-electronic-trading days, that performs vital functions such as allocations, position management, and communication between portfolio managers and traders.

The question for traders becomes, " Do I need an EMS, an OMS or both , and if I need both, how do I integrate them? Although the range of trading firms is vast and diverse, some useful generalizations can be made about what type of firm needs each system.

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A trader who participates heavily in intraday trading and employs arbitrage strategies also likely will need an EMS, adds Sang Lee, managing partner with Aite Group. But traders who primarily deploy long-only investment strategies usually are well-served by an OMS, he says. The problem that has arisen is that it is virtually impossible to get all of the above in a single platform.

Order management systems are typically on-site installations that reach deep into the organization. They were designed to help the buy side manage workflow and hold down operational costs -- in many cases before the rise of ECNs and fragmented markets -- and were pressed into handling increasingly complex trading functions for which they were not originally designed.

The EMS platforms are generally newer and were specifically built to manage electronic trading across multiple venues and deliver algorithms and charting functions to the trader.

Many are delivered remotely on an application service provider ASP model, so integration between an EMS and OMS is not a fait accompli. Do You Need An Execution Management System Or Will The Order Management System Suffice? Real World Use Cases.

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European Monetary System (EMS)

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