Trading Technologies Preps September OMS Launch
The anticipated replacement for its X_Trader platform will share a tightly integrated ecosystem with its EMS, and will debut a raft of new order handling features.
Chicago-based trading software vendor Trading Technologies (TT) is preparing to launch its new desktop integrated order management system (OMS) in September, featuring a range of new order handling tools and techniques for brokers that differentiate it from the vendor’s existing execution management system (EMS).
“The work we have done in the last couple of years is to build out some of the most advanced order handling features and functionality so that we can accommodate the most complex use cases and have an OMS product that can compete with any system out there today,” says Jason Shaffer, TT’s chief product officer.
New order handling features available in the OMS platform include bulking, stitching and splitting, allocations, and lock and release.
Bulking is when users combine multiple care orders for the same instrument and direction into one parent care order. Users can pick two or more care orders from the OMS’ order book display, and select “Bulk” from the context menu, or can simply drag and drop the orders onto each other to automatically bulk them together. Users can also select the entire order book and choose the “Combine” function from the same context menu. The platform then displays which orders can be bulked.
Stitching—where two different orders are intended to represent a spread—is most commonly used when rolling over positions, Shaffer says. Not all client systems can send the spread order, so they have to send the two outright leg orders. Stitching allows the user to take two orders, and stitch them together into a spread instrument, which the broker can execute on the exchange. Users of TT’s OMS will be able to stitch orders together that comprise exchange-listed spreads such as bundles, packs, strips, butterflies and calendars.
Splitting is similar to stitching in that the function combines multiple orders. The splitting feature can come into play when the quantities of two orders do not match up and cannot be stitched. Then users can split one order into two and stitch the quantities that match, using the remaining tails as a separate order. The TT OMS will display all possible combinations of orders that can be stitched.
The OMS also supports allocation methods such as average price, rotation of accounts, highest price to highest account number, and random allocation, and for the first time supports exchange drop copy messages for fills executed on other platforms.
TT announced plans to enter the full-featured OMS business in 2018—when it also announced plans to retire its X_Trader platform—and will deploy the features initially outlined to clients in September using a software-as-a-service (SaaS) model over TT’s global network. TT modified its EMS to create the new OMS. The OMS’ features and functionality are tightly integrated with the EMS, and are part of the same “ecosystem”, running on the same screen in the desktop. “We’ve moved our entire customer base on to a single platform, a single network,” Shaffer says. “Our OMS users will use the same screen to do the EMS execution. It’s one and the same.”
X_Trader had been installed at many different client sites around the world, but with no means of communication between them. “We’ve had people using X_Trader as their OMS for years. Those were users who didn’t require the most complex order handling features and functionality, and were mostly receiving customer flow and then going right to execution through our EMS,” Shaffer says, adding that by moving the entire TT customer base off those siloed networks and infrastructures onto a single network, traders and brokers can more easily connect with each other.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Trading Tech
For MarketAxess, portfolio trading buoys flat revenue in Q3
The vendor is betting on new platforms like X-Pro and Adaptive Auto-X, which helped forge a record quarter for platform usage.
Quants look to language models to predict market impact
Oxford-Man Institute says LLM-type engine that ‘reads’ order-book messages could help improve execution
JP Morgan pulls plug on deep learning model for FX algos
The bank has turned to less complex models that are easier to explain to clients.
Nasdaq says SaaS business now makes up 37% of revenues
The exchange operator’s Q3 earnings bring the Adenza and Verafin acquisitions center stage.
Harnessing generative AI to address security settlement challenges
A new paper from IBM researchers explores settlement challenges and looks at how generative AI can, among other things, identify the underlying cause of an issue and rectify the errors.
The causal AI wave could be the next to hit
As LLMs and generative AI grab headlines, another AI subset is gaining ground—and it might solve what generative AI can’t.
Waters Wrap: Operational efficiency and managed services—a stronger connection
As cloud, AI, open-source, APIs and other technologies evolve, Anthony says the choice to buy or build is rapidly evolving for chief operating officers, too.
BlackRock forecasts return to fixed income amid efforts to electronify market
The world's largest asset manager expects bond markets to make headway once rates settle.