Buyer’s Guide: Buyside Fixed Income Trading Solutions


An Assessment of Integrated Component Architecture & Functionality

This report reviews trading solutions offered by six third-party technology vendors utilised by buyside markets participants. The solutions surveyed for this report are:

  • AxeTrading’s AxeTrader FI-EMS;
  • Charles River’s Manager Workbench; and Order and Execution Management;
  • FlexTrade’s FlexTRADER FI EMS;
  • IHS Markit’s thinkfolio;
  • smartTrade Technologies’ smartFI; and
  • TradingScreen’s TradeSmart.

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The report examines how the solutions are functionally designed to help their users address the challenges of bonds liquidity fragmentation and sellside retrenchment from the fixed income market. Further, the report examines the systems integration challenges that remain for buyside fixed income trading solutions providers in 2018 based on observations gleaned from the responses to the survey data underpinning this report.

The challenge of creating a fully integrated OEMS is not simply a matter of more tightly coupling an OMS and EMS together in what is already a sequential workflow. A fully integrated fixed income OEMS could be used to more intuitively and swiftly work both axed and block-size trades into the marketplace in sizes that are likely to be easily executable by reorganising trades between different inbound client orders to dilute the risk associated with the specific trades. It would be able to send orders to a wide range of different types of brokerage trading venues or exchanges simultaneously, ensuring best execution for end-investor clients. Additionally, it would allow buyside firms to aggregate available pricing from a wider community of sellside broker-dealers or non-bank price-makers.

Published on: 16 Mar, 2018

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Buyer’s Guide: Buyside Fixed Income Trading Solutions – Table of Contents

  • 1.0 Fixed Income Trading: The Path of Least Convergence
    • 1.1 Corralling Market Data to Prove Best Execution
    • 1.2 The Role of the Buyside Trader in Price Discovery, Formation & Execution
    • 1.3 Solutions Providers Adapt to the New Market Order
  • 2.0 Architecting an OEMS: Remaining Systems Integration Challenges in 2018
    • 2.1 Deployment Models
    • 2.2 PMS Considerations
    • 2.3 OMS Customisation Capabilities
    • 2.4 EMS Customisation Capabilities
    • 2.5 AXETrading’s AXE Trader FI-EMS
    • 2.6 Charles River’s Manager Workbench & Order and Execution Management
    • 2.7 FlexTrade’s FlexTRADER FI EMS
    • 2.8 IHS Markit’s thinkFolio
    • 2.9 smartTrade Technologies’ smartFI
    • 2.10 TradingScreen’s TradeSmart
  • 3.0 Appendices
    • 3.1 Glossary of Terms
    • 3.2 Table of Figures