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Some Like It Hedged

BNP Asset Management's Pojarliev discusses a variety of options to address foreign currency exposures. Although there is no single best-practice solution for addressing foreign currency exposures, institutional investors have three main choices, he says.

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July 15, 2007

OMS Meets EMS at BNY ConvergEx

By Melanie Wold

They said it couldn't be done, but BNY ConvergEx officials say they proved them wrong. The agency broker - integrated an order management system (OMS) with an execution management system (EMS). The OMS was once known as Traders Console, the main offering of buyside vendor Eze Castle. The EMS was once known as Sonic, an offering of BNY Securities. The two organizations merged in 2006. Other OMS/EMS vendors have added EMS functionality to their OMS, said Sang Lee, founder and managing partner of consultancy Aite Group, but he believes ConvergEx is the only firm that has developed a fully integrated EMS/OMS.

BNY ConvergEx chairman and CEO Joseph Velli said: "Combining an OMS with an EMS is very difficult. That's why others haven't done it to date."

Velli said the workflow resulting from the combined solution is much more efficient, with fewer clicks needed to trade and lower latency between the OMS and EMS.

"It is ironic that everyone wants to improve the EMS speed to market when the latency between the OMS and EMS can be eight to 12 seconds," he said.

The new product release includes a customizable trade blotter where traders can view global market data, time and sales data, and charts. From the OMS, traders can execute orders using global direct market access capabilities, the ConvergEx crossing technology or algorithms. The new offering also includes access to ConvergEx's integrated transaction-cost analysis platform for performance measurement and its commission management functionality to facilitate third-party payment.