Financial Securities
Another use is as a software-based platform that facilitates and manages the order execution of securities, typically through the FIX protocol.
First, it has to allow firms to input orders to the system for routing to the pre-established destinations. It also has to allow firms to change, cancel and update orders. When an order is executed, the OMS has to update its database and send an execution report to the order's originating firm. An OMS should also allow firms access information on orders entered into the system, including detail on all open orders and on previously completed orders.
Some management functions of an OMS might include: establishing and modifying order routing tables, entering and modifying dividend and stock split transactions, and processing and managing underwriting functionality. An OMS may offer direct market access (DMA). Typically only exchange members can connect directly to an exchange.
An OMS encompasses five components:
- Connectivity to a broker or market, typically using FIX messaging.
- trading blotter
- post-trade support
- compliance
- portfolio modeling
An example of a buy-side order management systems is Eze Castle Software.
We talk on Multi-channel order management in our next post.
ref: agency management system, insurance sfa software, wikipedia
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