| An execution management system (EMS) is a software-based platform that facilitates and manages the execution of securities orders, typically through the Financial Information eXchange (FIX) protocol. An EMS features four key ingredients: a trading blotter, connectivity, multiple destinations, and real-time market data. This TowerGroup Research Note examines why brokers have been acquiring EMS vendors and provides a thorough analysis of broker-owned EMS platforms.
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