Order Management Systems (OMS) features

at Financial Technnology Year

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Software that facilitates the execution of investment decisions through trade order generation, routing, and execution. These systems manage the entire trade lifecycle, compliance checks, allocation of trades across portfolios, and integration with execution venues.

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.

Client Service & Support

Ongoing technical assistance, user support, and service-level guarantees.

24/7 Support Availability: Round-the-clock technical assistance for clients.
Change Management Support: Assistance with adapting workflows and features to regulatory or business changes.
Client Community/Forum Access: Ability to interact with other clients and share feedback.
Comprehensive Service Level Agreement (SLA): A clearly defined agreement covering uptime, support levels, and issue response.
Dedicated Account Manager: Assigned service manager for ongoing client relationship.
Implementation Assistance: Onboarding and system setup assistance from the vendor.
In-Product Help & Knowledge Base: Accessible documentation, FAQs, and help resources within the product.
Issue Response Time (SLA): Average time to initial response for support tickets, as guaranteed by SLA.
User Training Programs: Formal training offerings and user education.
Yearly System Updates: Frequency of major product upgrades and enhancements.

Compliance & Risk Controls

Controls and checks to ensure regulatory, client, and internal policy adherence.

Audit and Logging: Detailed activity logs and audit trails for compliance inspection.
Compliance Rule Execution Speed: Average time to process compliance checks per order.
Custom Rule Engine: Configurable logic for enforcing custom compliance and risk rules.
Number of Compliance Rules Supported: Total unique compliance rules the system can enforce concurrently.
Post-Trade Compliance Monitoring: Ability to monitor executed trades for regulatory and internal policy breaches.
Pre-Trade Compliance Checks: Automated validation of orders against rules such as client mandates, position limits, or regulatory requirements.
Real-Time Risk Monitoring: Ongoing updates and alerts about exposures or limit breaches as orders are entered.
Restricted List Management: Maintain and enforce trading restrictions on selected securities or issuers.
Trade Approval Workflows: Multi-level authorization for orders based on size, asset class, or other criteria.
Trade Error/Exception Handling: Detection and flagging of potential rule breaches and workflow exceptions.

Core Order Management

Fundamental capabilities enabling users to create, manage, and execute portfolio orders across asset classes.

Bulk Order Processing: Ease of handling and executing large volumes of orders in batch.
Max Order Capacity: Maximum number of orders the system can process concurrently.
Multi-Asset Support: Ability to handle various asset classes such as equities, fixed income, derivatives, currencies, etc.
Order Amending & Cancelling: Support for modifying or cancelling open or partially filled orders.
Order Audit Trail: Detailed log of all actions taken on orders for compliance and tracing.
Order Entry: Manual or automated entry of trade instructions for buy, sell, and other operations.
Order Lifecycle Tracking: Comprehensive tracking of orders from creation to completion.
Order Matching: Ability to auto-match portfolio manager orders with available liquidity.
Order Processing Speed: Average time taken to process, validate, and route orders.
Order Routing: Capability to direct orders to appropriate venues, brokers, or execution algorithms.
Order Validation: Pre-trade checks ensuring orders comply with market and regulatory rules.
Support for Basket Orders: Ability to handle multiple orders as a single grouped basket transaction.
Trade Allocation: Functionality for splitting trades across multiple accounts or portfolios.

Data Management & Quality

Handling, validation, storage, and reconciliation of trading and reference data.

Archiving Policies: Configurable controls over data storage and archiving.
Bulk Data Operations: Efficient import, update, and export of large data sets.
Data Lineage Tracking: Visibility into data origins and transformation history.
Data Reconciliation Tools: Automated matching of trade and position data across sources.
Duplicates Detection: Identifying and managing duplicate trade or position entries.
Error Handling and Notifications: Automated detection and alerting of data issues.
Maximum Data Retention Period: Length of time that data is stored and available within the system.
Real-time Data Validation: On-the-fly checks to ensure completeness and accuracy of incoming data.
Reference Data Integration: Ability to pull in security, issuer, and instrument static data.
Stale Data Alerting: Alerts when reference or market data is out-of-date.

Integration & Connectivity

Features related to connecting the OMS to internal and external data sources, counterparties, and execution venues.

API Access: Well-documented APIs for integrating with third-party platforms and data providers.
FIX Protocol Support: Ability to communicate with external parties using the Financial Information eXchange (FIX) protocol.
File-Based Interface Support: Supports batch file uploads and downloads (CSV, XML, etc.) to exchange data.
Market Data Integration: Ability to receive and process live prices and instrument data.
Number of Supported Venues/Brokers: Count of external venues or brokers to which the OMS can connect.
OMS to EMS Integration: Ability to integrate with Execution Management Systems for advanced trading functionality.
Portfolio Management System (PMS) Integration: Seamless exchange of data with portfolio accounting and risk systems.
Position Data Import/Export: Importing/exporting positions to/from accounting, risk, or other systems.
Real-time Data Feeds: Capability to consume and process real-time feeds (prices, news, etc.).
Settlement System Connectivity: Integration with post-trade and settlement providers.

Performance & Reliability

System speed, availability, and resilience in real-world trading environments.

Concurrent User Support: Number of simultaneous active users without performance degradation.
Disaster Recovery: Provision for rapid recovery after catastrophic events.
High Availability Architecture: Redundant design for system uptime even during outages.
Latency: Average end-to-end response time for core operations.
Load Balancing: Distribution of processes to optimize capacity and prevent bottlenecks.
Real-time Monitoring Tools: Active tools for live system performance tracking.
Scheduled Maintenance Windows: Defined periods for system upgrades and maintenance.
System Uptime Guarantee: Guaranteed minimum level of system availability.
Throughput: Maximum number of orders or trades processed per unit time.
Time to Recovery (RTO): Maximum allowable downtime after an incident.

Reporting & Analytics

Capabilities for generating, scheduling, and customizing detailed reports and analyses.

Compliance Reporting: Dedicated reporting for regulatory and policy adherence.
Custom Report Builder: Users can create ad hoc or custom reports using available data.
Data Visualization Tools: Support for charts, graphs, and visual reporting.
Export Formats: Variety of export options such as PDF, Excel, CSV.
Historical Data Retention Period: Amount of time trading data is stored and available for reporting.
Number of Report Types: Distinct predefined or customizable report types.
Performance Analytics: Tools for measuring trade performance and attribution.
Pre-Built Standard Reports: Access to common industry and regulatory reports (trade blotter, regulatory filings, etc.).
Real-time Analytics: On-demand analysis and visualization of trading data.
Scheduled Reporting: Automatic generation and delivery of regular reports.

Scalability & Flexibility

Ability to scale operations and customize functionality for current and future needs.

Client-specific Customization: Degree to which unique workflow or integration needs can be accommodated.
Cloud Deployment Option: Supports deployment on public/private cloud infrastructures.
Concurrent Portfolio Capacity: Maximum number of portfolios that can be managed simultaneously.
Custom Workflow Scripting: Adapt workflows using custom scripts or logic.
Horizontal Scalability: Add resources easily as demand grows, e.g., more servers.
Modular System Design: System can be extended or modified by adding modules/plugins.
Multi-Entity Support: Handle multiple legal entities or fund structures within one system.
Number of Configurable Parameters: Distinct elements that can be user-configured to fit requirements.
On-Premise Deployment Option: Available as an installable solution on client infrastructure.
Vertical Scalability: Scale up by increasing system resources, e.g., CPU, memory.

Security & Access

Safeguards and controls to protect access, system data, and privacy.

Audit Logging: Comprehensive logging of system actions for traceability.
Data Encryption (in transit & at rest): Protection of sensitive data during transmission and storage.
Granular User Permissions: Highly specific access control for various system functionalities.
Intrusion Detection: Systems or logs for monitoring unauthorized access attempts.
Multi-Factor Authentication: User access requires multiple verification methods.
Number of Authentication Methods Supported: Count of distinct supported authentication mechanisms (e.g., password, biometric, token).
Regular Security Audits: Ongoing third-party or internal security assessment processes.
Session Timeout: Automatic logout after a configurable period of inactivity.
Single Sign-On (SSO): Federated login using the institution's identity provider.
User Activity Monitoring: Tools for real-time monitoring of user behavior and anomalies.

User Experience & Workflow

Interface, usability, and workflow customization features that increase operational efficiency.

Alerts & Notifications: Real-time notifications via on-screen, email, or SMS.
Bulk Editing: Ability to modify multiple items in a single operation.
Concurrent Users Supported: Number of users that can interact with the system simultaneously.
Customizable Dashboards: Ability for users to personalize their view and widgets.
Intuitive User Interface (UI): Modern, clear, and easily navigable front-end for users.
Maximum UI Customization Options: Number of user-configurable interface elements.
Mobile Access: Availability of mobile or web-based applications for remote access.
Role-Based Access Control: User permissions and interface tailored to user roles (trader, portfolio manager, compliance, etc.).
User Training Modules: In-system guided learning and help resources.
Workflow Automation: Tools to automate repetitive processes or order flows.

Workflow & Automation

Degree of automation and advanced workflow management in trading and order operations.

Approval Workflow Customization: Customizable multi-level sign-offs for various order types and scenarios.
Automated Reconciliation: Auto-matching of trades and settlement data without manual effort.
Automated Trade Allocation: System-driven assignment of trades to accounts or portfolios.
Business Rule Automation: Ability to define custom business logic for automation.
Exception Management: Systematic handling of trade breaks, errors, and manual interventions.
Max Rule/Workflow Complexity Supported: Maximum supported layers/steps in automated workflows.
Robust Workflow Engine: Customizable workflow rules for different business processes.
Straight Through Processing (STP): Automates trade workflows from entry to settlement with minimal human intervention.
Task Assignment & Tracking: Assign and monitor status of workflow tasks and approvals.
Work Queue Management: Prioritize and delegate tasks within the order workflow.

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Features in Order Management Systems (OMS)

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