Product Type: Market Research Report
Published by: TowerGroup
Published: July 2006
Product Code: R301-1153Description 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 compares the typical features of an EMS with those of its order management system (OMS) cousins. The Note discusses the evolution of these products, factors to consider when evaluating EMSs, and the future of EMS platforms.
Table of Contents
- TowerGroup Take-Aways
- Report Coverage
- EMS: Definition and History
- EMS Users
- Exhibit 1 Client Base for Execution Management System Platforms by Vendor and Client Type (2006)
- Global Impact of the EMS
- OMS vs. EMS
- EMS Background and Features
- Will Convergence Occur?
- EMS, OMS, or Both?
- Future Evolution of the EMS Platforms
- Data Stream Processing Architectures
- Internal Crossing and Dark Liquidity Pools
- Next Generation of Algorithmic Trading Tools
- Global Access
- Cross-Asset-Class Trading
- Segmenting the EMS Providers
- Exhibit 2 Execution Management System Platforms by Ownership (2006)
- Exhibit 3 Execution Management System Platforms by Original Function (2006)
- Categories of EMS Platforms
- Factors to Consider in Shopping for an EMS
- Broker vs. Software Solutions
- Access to Broker Algorithms
- System Architecture
- Systems Integration
- User Preference
- Ease of Installation and Time to Deploy
- Peripheral Products and Services
- Service and Support
- Pricing
- Summary
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