Citadel Technology and REDI Global Technologies have joined forces to offer the buyside a one-stop platform combining the market maker’s order management system (OMS) together with the ex-Goldman Sachs firm’s broker-neutral execution management system (EMS.)
This will bring to institutions a broker-neutral integrated OMS/EMS system or OEMS, executives at the firms said in a release.
The partnership was birthed by the buyside’s demand for a combined trading platform that brings together both OMS and EMS functionality into a single integrated system, OEMS. In this case, the unified system will offer the buyside access to over 26,000 securities that Citadel makes markets in and execute trades in these securities across multiple geographies and brokers via REDI’s broker-neutral REDIPlus platform.
REDI has more than 100 brokers on its platform and is actively in discussions with others to join, executives told Traders Magazine in an August Interview.
“REDI and Citadel Technology originated out of two of the most proven technology-driven financial firms,” said Tom Miglis, chief information officer at Citadel and REDI board member in a release. “This partnership represents the future in asset management and we are delighted to offer clients the next generation in portfolio management, order management, execution management, and risk management.”
According to the firms, the combine OEMS platform allows for a seamless workflow at all levels of the buyside – between portfolio managers, desk traders and middle office staff. It also incorporates multi-prime broker clearing, real-time risk management and income reporting capabilities across listed and OTC securities. Lastly, offering includes pre-, real-time, and post-trade compliance checks.
Rishi Nangalia, chief executive at REDI, said told Traders Magazine previously that the firm was seeking active partnerships to help grow its business following its recent spin-off from Goldman Sachs. Details of the sale were not publicly disclosed. However, Goldman Sachs remains a “significant minority” investor in REDI, with less than a 50 percent interest.
“Our clients drive everything we do, and this partnership between REDI and Citadel Technology is a unique opportunity to provide our clients with a seamless workflow across the trade lifecycle,” Nangalia said. “We’re excited to partner with Citadel Technology and will continue to pursue and deliver open, collaborative technology solutions that both meet our clients’ needs and move the industry forward.”
