Product Type: Market Research Report
Published by: TowerGroup
Published: July 2006
Product Code: R301-1152Description 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.Table of Contents
- TowerGroup Take-Aways
- Report Coverage
- Background
- Vision
- Brokers' Race to Acquire EMS Platforms
- Exhibit 1 Prominent Broker-Dealers' Acquisitions of Execution Management System Platforms (2000-06)
>Delivering DMA and Trading Algorithms
- Coming Full Circle to a Single Electronic Point of Contact
- The Broker Vendor Market
- Exhibit 2 Usage of Broker-Owned EMS Platforms by Traders and Client Institutions (2006)
- Exhibit 3 Broker Execution Management System Providers: Agency Brokerage vs. Full Service (2006)
- Broker-Owned EMS Platforms
- Exhibit 4 Multiple-Asset-Class Capabilities of Broker-Owned Execution Management System Platforms (2006)
- Exhibit 5 Differentiating Features of Broker-Owned Execution Management System Platforms (2006)
- TowerGroup Perspective
- Goldman Sachs
- Instinet
- Portal
- Newport
- Investment Technology Group (ITG)
- Lava Trading (Citigroup)
- Morgan Stanley
- Neovest (JPMorgan)
- Summary
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