Equity and listed derivatives trading, in line with all other flow businesses, is dominated by the need for greater efficiency; the emphasis is on speed, scalability, execution quality and minimised cost per ticket. The overarching trend is towards automation of trading activities and ancillary functions such as netting, reporting and connectivity with other systems within the trading chain. Active execution management controls when, where and how an order is executed, and enables analysis for future improvements.
The primary concern of traders is to have OMSs and EMSs seamlessly functioning in concert, rather than accumulated sophistication and the resulting complexity this brings. In this context, Order Execution Management Systems (OEMSs) provide an elegant answer, combining the essential functionality of both types of systems without the challenge of integrating disparate solutions into a usable package. However, high volume and specialist traders suffer from the associated limitations of a one-size-fits-all platform. In these cases, separate OMS and EMS systems tend to be the norm, allowing more control and refinement of the trading process.
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