Traders Magazine, October 2006
Is it an EMS or an OMS? FutureTrade's recent deal with Liquidnet shines another spotlight on the growing convergence of front-end trading systems and order management systems. The development project adds FutureTrade's platform best known as a front-end trading (or execution management) system to the roster of order management systems accessible by Liquidnet's blotter-scrapping technology. FutureTrade has always offered some OMS functionality, according to Jim Kwiatkowski, a FutureTrade executive vice president in charge of sales and marketing. And last year, the vendor built a blotter into its system. A blotter is generally considered to be the heart of an OMS. It keeps track of orders and their executions and can be accessed by both portfolio managers and traders. Now, with its full-fledged blotter and large list of hedge fund clients, FutureTrade has won acceptance as an OMS by Liquidnet. "We have evolved a trading-only system into an order management system," Kwiatkowski says. "We are now a proper order management system as validated by our relationship with Liquidnet." The best-known mergers of OMSs and EMSs are represented by Macgregor/ITG and the Eze Castle/BNY Brokerage deals. -Peter Chapman
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