FIXED INCOME EXECUTION MANAGEMENT SYSTEMS & TRADING SYSTEMS
Improves access to liquidity • Facilitates price discovery • Enhances trade execution quality • Trader-centric functionality • Direct integration with dealer inventory, trading venues & trade data • Search and mine trade history to improve decision support • Single platform with integrated portfolio management • Consolidates & simplifies fixed income market data into a single system • Support for standard FIX 5.0 protocol & file integration • Reduce the cost of trading by reducing manual intervention.
The true value of a fixed income EMS lies not only in the breadth of connectivity to trading venues and depth of archived trade history, but rather the flexibility to provide historical data . Critical data points include which dealers have historically provided the best quotes/inventory, and which dealers have most frequently acted as counterparties for this issuer or industry. Inventory aggregation removes a trader’s dependency on the antiquated and error prone manual process. The system aggregates indicative prices streamed directly from the dealer community and displays this data grouped by dealer. Indicative pricing is intended to enhance the phone conversations between traders and dealers, allowing them to see pricing in real-time.
Monitor/Blotter - contains list of securities that currently have open orders placed by either a trader or a client and displays best bid and offer for each.
Offerings - deliver both bid and ask prices to each specified 'channel' of distribution. Offering levels may be specified at a security specific level or applied for an entire channel.
Order Entry & Routing - the routing supported by fixed income would send the order directly to either a trading desk or even a specific named trader.
Allocation and Confirmation - Middle office client allocations system providing full management for the Electronic Trade Confirmation (ETC) business cycle for block and allocation level clients and full process support for manual allocation clients including FAX. Monitor cancels and corrects.
Notification/Alert Monitor - displays a list of notifications pertinent to the clients covered by that salesperson. Notifications are given for trade fills, open trade, counter-orders, no-interest responses from trader, order cancellations, news events; credit upgrades/downgrades, as well as recommendations.
Reporting - generate customizable and flexible reports on historical trade database available to fixed income personnel.
Compliance Monitor - ability for Compliance to review all bids, offers, trade executions, bids wanted, and orders. Reporting to regulatory authority including MSRB, NASD, FIPS, ACTS etc.
Fixed income OMS: Includes not only execution but full trading lifecycle support that incorporates key data at the point of execution and direct connectivity to ECNs and other liquidity providers. This reduces context switching with external systems and streamlines the fixed income trading process. Traders can easily access critical information, find liquidity and quickly execute trades.