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Thursday, 21 June 2012 15:56

 

Financial securities

 

            Another use for order management systems is as a software-based platform that facilitates and manages the order execution of securities, typically through the FIX protocol. Order management systems, sometimes known in the financial markets as Trade Order Management Systems, are used on both the buy-side and the sell-side, although the functionality provided by buy-side and sell-side OMS's differs slightly. (Typically only exchange members can connect directly to an exchange, which means that sell-side OMS's usually have exchange connectivity, whereas buy-side OMS's are concerned with connecting to sell-side firms).

            OMS's allow firms to input orders to the system for routing to the pre-established destinations. They also allow firms to change, cancel and update orders. When an order is executed on the sell-side, the sell-side OMS must then update its database and send an execution report to the order's originating firm. An OMS should also allow firms to access information on orders entered into the system, including detail on all open orders and on previously completed orders. Sell-side OMS's may offer direct market access and support for algorithmic trading. The development of multi-asset functionality is a pressing concern for firms developing OMS software.

 
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