Trends in Equities Trading 2020


Adapting to the Demise of an Industry-standard Trading Solution

This report looks at the implications and knock-on effects for sellside institutions in light of significant changes in the cash equities trading platform vendor landscape. Combined with secular changes to market structure that imperil traditional sellside execution franchise business models, changes in the platform vendor landscape induce a large number of sellside franchises to revisit both their long term business strategy and the associated technology requirements. This report supports these franchises to develop a robust technology change practice by highlighting key functional and non-functional areas of cash equities trading platforms for both current and medium-to-long-term needs.

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Bloomberg LP’s announced de-commissioning of its Sellside Execution and Order Management System (SSEOMS) and ION Group’s acquisition of Fidessa lead a large number of sellside businesses to re-evaluate their technology stack. The technology transition simultaneously provides the opportunity to utilise the period of evaluation as an inflection point not just for technology choices but for their business strategy at large in light of market structure changes that imperil traditional sellside execution franchises.

To ensure technology choices made in 2020 remain fit-for-purpose through the full technology lifecycle, GreySpark illustrates the inherent challenge therein by comparing SSEOMS functionality across three functional domains with the offering of five competitor vendors vying to replace SSEOMS. The functional domains are:

  • High-touch trading, including program / programme trading;
  • Low-touch trading; and
  • Middle-office functionality.

Further, the report delves into the challenges and opportunities inherent to a number of non-functional considerations of critical importance to any SSEOMS replacement programme:

  • Data acquisition & cost;
  • FIX order routing & client connectivity; and
  • Non-functional competitive differentiation in vendor systems.

Published on: 26 Jun, 2020


  • 1.0 SSEOMS Replacement as a Business Model Pivot Point
    • 1.1 The Changing Market Structure Demands Evolution by Brokers
    • 1.2 SSEOMS Positioning in the Market & Historic Value Proposition
      to Clients
  • 2.0 The Main Legacy Platform Replacement Considerations
    • 2.1 Residual High-touch Tooling
    • 2.2 Low-touch Tooling
    • 2.3 Program / Programme Trading
    • 2.4 Allocations / Middle-office
    • 2.5 Data Acquisition & Cost
    • 2.6 Client Connectivity & FIX Order Routing
  • 3.0 2025: The Keys to Success Among SSEOMS Replacement Offerings
    • 3.1 Functional & Non-Functional Differentiation
  • 4.0 Appendices
    • 4.1 Glossary of Terms
    • 4.2 Table of Figures

Report Data & Figures

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