at Financial Technnology Year
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Features in Execution Management Systems (EMS)
for Trading Desk
Specialized trading interfaces focused on optimizing order execution through smart order routing, algorithmic trading strategies, and real-time analytics on execution quality and market impact.
We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.
Algorithmic Trading
Provision and management of trading algorithms for order slicing, timing, and minimization of market impact.
- Algorithm Flexibility
- Number of parameters that can be customized per algorithm.
- Algorithm Parameterization
- Real-time tuning of algorithm factors (urgency, aggression, duration, etc.).
- Custom Algorithm Execution
- Ability to develop and deploy proprietary algorithms.
- Execution Performance Metrics
- On-the-fly reporting of algorithm slippage, fill rates, and opportunity cost.
- Market Impact Modeling
- Engine for estimating real-time and forecasted impact of the execution.
- Minimum Slice Size
- Smallest order size an algorithm can work with.
- Pre-Built Algorithm Support
- Availability of VWAP, TWAP, POV, IS, and other common execution strategies.
- Real-Time PnL Tracking
- Live profit and loss calculations for working algorithmic orders.
- Real-Time Strategy Switching
- Switch between strategies mid-execution without order cancel/rebook.
- Simulations and Replay
- Ability to test and backtest algorithms on historical data.
- Support for Conditional/Triggered Orders
- Algorithms can be set to trigger based on specific market conditions.
Audit, Reporting & Record Keeping
End-to-end tracking of all activity and flexible generation of reports for internal and regulatory stakeholders.
- Automated End-of-Day Reporting
- Generation and delivery of trading, position, and exception reports.
- Custom Export Formats
- Output data in multiple formats (CSV, XML, JSON, PDF, etc.).
- Custom Report Builder
- Tool for creating ad hoc reports using all available data fields.
- Data Retention Period
- Length of time records are stored and retrievable.
- Full Audit Trail
- Comprehensive logs of every user, order, and system event.
- Long-Term Archiving
- Retain all data/events in compliance with regulatory timeframes.
- On-Demand Report Generation Speed
- Average time to generate standard reports.
- Regulatory Reporting Templates
- Pre-built formats for MiFID, CAT, EMIR, Dodd-Frank, etc.
- Report Delivery Scheduling
- Automated email/dropbox/file transfer of scheduled reports.
- Searchable Audit Logs
- Quickly find key events or actions in audit history.
Integration & Connectivity
The system’s ability to connect with other trading, risk, back office, and market infrastructure.
- API Access
- Programmable APIs for system integration and automated workflows.
- Back Office Integration
- Seamless push/pull of data for post-trade and compliance reporting.
- Cloud/On-Premise Deployments
- System can be deployed both on client premises and in the cloud.
- Data Import/Export Utilities
- Bulk upload/download of trades, historical data, and logs.
- Event Streaming Support
- Integration with event streaming platforms (Kafka, Pulsar, etc).
- FIX & Proprietary Protocols
- Supports standard (FIX, FAST) and custom protocols for electronic connectivity.
- Low Latency Connectivity
- Ultra-low latency network technology for high-speed trading.
- Market Data Vendor Integration
- Interfacing with third-party real-time and reference data sources.
- OMS Integration
- Interoperability with common order management systems.
- Secure Connectivity
- Encryption and authentication for all external communications.
- Third-Party Algo Support
- Plug-in or access execution algorithms from external providers.
- Trade Flow Throughput
- Maximum sustainable trade messages per second.
Order Management
Capabilities that facilitate the intake, validation, enrichment, and routing of orders for execution.
- Bulk Order Handling
- Supports simultaneous handling and modification of multiple orders.
- Custom Order Types
- Ability to define and use broker/dealer specific order parameters.
- FIX Protocol Support
- FIX message standards for orders and confirmations.
- Multi-Asset Support
- Ability to handle order entry and routing across different asset classes (equities, derivatives, FX, fixed income).
- Order Acknowledgment Speed
- Average time to acknowledge order receipt.
- Order Capacity
- Number of orders that can be handled simultaneously.
- Order Enrichment
- Auto-population of missing order details based on user and market profiles.
- Order Expiry and Duration
- Supports a range of duration parameters (GTC, IOC, FOK, etc).
- Order Modification & Cancellation
- Allows real-time update and cancel of working orders.
- Order Staging
- Allows pre-submission review and adjustment of orders.
- Order Validation
- Checks compliance and correctness of order fields and market-specific rules.
- Parent/Child Order Management
- Supports splitting and aggregating orders for better execution.
- Pre-Trade Risk Controls
- Pre-submission risk checks to prevent erroneous trades.
- Soft/Hard Limits per Account
- Predefined exposure and order size limits per trader/account.
Performance & Reliability
Operational performance, uptime, scalability, and disaster recovery features.
- Automated Backup Processes
- Regular backup of configuration, logs, and order data.
- Automated Monitoring
- Health checks and real-time alerts for resource utilization and system errors.
- Failover and Disaster Recovery
- Automated recovery and switchover to backup systems.
- Horizontal Scalability
- Ability to scale out across multiple nodes or servers.
- Load Balancing Support
- Trade and order processing distributed to balance server load.
- Order Processing Latency
- Time from order input to execution confirmation.
- Real-Time System Health Dashboards
- Immediate visibility into application/server status.
- Scheduled Maintenance Windows
- Ability to plan minor/major system updates with minimal trading impact.
- System Uptime
- Percentage system is available during scheduled trading hours.
- Throughput Capacity
- Maximum sustained number of trades/orders per second.
Real-Time Data & Analytics
Monitoring, visualization, and analytics on order status, execution quality, and real-time market data.
- Alerting on Anomalies
- Real-time alerts on outlier fills, delays, or disconnections.
- Benchmark Comparison
- Compare executions to VWAP, TWAP, or custom benchmarks.
- Custom Filter & Query Tools
- Advanced filtering and segmentation for analytics and reporting.
- Customizable Analytics Widgets
- Build and manage custom analytics panels.
- Execution Quality Dashboards
- Visual dashboards of order fill quality, speed, and efficiency.
- Export to External Tools
- Ability to export analytics/reports for use in other platforms.
- Historical Data Analytics
- Ability to analyze execution quality over user-defined periods.
- Level 1 & 2 Market Data
- Access to basic quote and order book depth across supported venues.
- Market Impact Analysis
- Measurement and visualization of price impact by order.
- Real-Time Data Refresh Rate
- How often data on dashboards updates.
- Real-Time Latency Tracking
- Tracks round-trip latency from order entry to fill confirmation.
- Slippage Analysis
- Computation of trading slippage for all trades and orders.
Risk Management & Compliance
Real-time controls and regulatory oversight to ensure safe and compliant execution.
- Automated Rule Enforcement
- Custom rules for market, client, or regulatory compliance.
- Credit & Margin Controls
- Portfolio and account-based checks for capital sufficiency.
- Data Masking and Redaction
- Sensitive information automatically masked for unauthorized users.
- Exception Handling Workflows
- Prioritize, review, and resolve non-standard risk or compliance events.
- Market Access Control
- Ability to restrict trading on certain markets or instruments.
- Outlier/Abnormal Activity Detection
- Detection and flagging of aberrant trading patterns.
- Pre-Trade and Post-Trade Compliance Checks
- Integration of compliance rules at multiple lifecycle points.
- Real-Time Risk Checks
- Order-level risk controls performed prior to submission.
- Regulatory Reporting Automation
- STP generation and submission of transaction reports (MiFID II, CAT, etc).
- Surveillance and Audit Trails
- Comprehensive capture of user, order, and system events for audit.
- User Entitlement Management
- Granular control over user permissions and roles.
Security & Data Protection
Protection of sensitive data and robust controls to prevent unauthorized access.
- Audit Logging
- Immutable logs track all actions and changes.
- Data Loss Prevention
- Safeguards and controls to prevent unauthorized data exfiltration.
- Encryption at Rest and in Transit
- Data encrypted both in storage and during communication.
- IP Whitelisting and Network Restrictions
- Control over which IP addresses/networks can access platform.
- Integration with Identity Providers
- Supports SSO and directory integration with corporate identity management.
- Multi-Factor Authentication
- Supports MFA for all user logins.
- Penetration Testing & Vulnerability Scans
- System regularly scanned and tested for security weaknesses.
- Role-Based Access Control
- User access enforced at role/group level.
- Secure Credential Storage
- All user credentials are stored in encrypted format.
- Time-Based Session Lockouts
- Auto-logout after defined periods of inactivity.
Smart Order Routing
Tools and logic to direct orders to the most optimal trading venues and liquidity pools.
- Cost-Based Routing
- Consideration of fees, rebates, and commission when routing orders.
- Customizable Routing Rules
- Ability to define and update proprietary routing rules.
- Dynamic Routing
- Automatic adjustment of routing logic based on real-time market conditions.
- Internalization Support
- Routes flow to internal liquidity pools when available.
- Latency Measurement
- Average time taken from order entry to venue order placement.
- Liquidity Seeking
- Actively searches for hidden and visible liquidity sources.
- Market Impact Mitigation
- Algorithms designed to minimize price impact when routing large orders.
- Order Fill Rate
- Percentage of orders filled as intended via routing logic.
- Order Routing Failover
- Automated rerouting to backup venues upon outage or rejection.
- Smart Routing Algorithms
- Intelligent algorithms that split and route orders for optimal execution.
- Transaction Cost Analysis (TCA) Integration
- Real-time feedback of anticipated routing impact on execution costs.
- Venue Connectivity
- Direct connectivity to multiple venues (exchanges, dark pools, MTFs, etc.).
- Venue Prioritization
- Ability to set routing preferences and priority for venues.
Support, Maintenance & Vendor Services
Vendor-related features for onboarding, maintenance, support, and ongoing service quality.
- 24/7 Technical Support
- Round-the-clock access to vendor's technical assistance.
- Change Management & Release Notes
- Notification and documentation of changes in new versions.
- Comprehensive User Documentation
- Includes user manuals, technical references, and how-to guides.
- Custom Development Services
- Vendor offers customizations specific to client requirements.
- Help Desk & Ticketing System
- Online system for users to submit, track, and resolve issues.
- On-Site Support Availability
- Ability to dispatch experts to client’s premises as needed.
- Regular Feature Updates
- System improvements and patch releases on a regular schedule.
- Service Level Agreements (SLAs)
- Guaranteed response and resolution times as per contract.
- Training Programs
- Onboarding and ongoing training options for staff.
- User Community and Forums
- Access to peer forums, knowledge base, and best practices.
User Interface & Usability
Features that enhance workflow efficiency, simplify navigation, and provide a user-friendly trading experience.
- Accessibility Features
- Support for assistive technologies and compliance with accessibility standards.
- Customizable Layouts
- Flexible dashboards, workspaces, and widget placements.
- Dark/Light Mode
- Switch between UI color schemes to reduce eye strain.
- Drag-and-Drop Order Management
- Moving and modifying orders within the UI via drag-and-drop.
- Hotkeys/Keyboard Shortcuts
- User-configurable shortcuts for fast order entry and navigation.
- Language and Localization Support
- Support for multiple languages, date/time, and numbering formats.
- Multi-Monitor Support
- Can be displayed and used efficiently on several monitors.
- Notifications & Alerts
- Popup, email, and desktop alerts for key events.
- Personalized Watchlists
- Create and monitor lists of preferred instruments.
- Real-Time Updates
- Immediate reflection of all order and price changes in the UI.
- Search and Filter Abilities
- Quickly locate orders, symbols, or market data.
- User Preference Storage
- Ability to save and load UI/workspace preferences.