Execution management system vendor Redi Holdings and order management system vendor Citadel Technology are working together to build a combined order-execution management system.
So far, this has proved an impossible task for industry vendors, although some have managed to tie together an OMS with an EMS via a FIX link. Orders from the OMS are transmitted to the EMS via the FIX protocol. Then the executions flow back over FIX to the OMS. They are two distinct pieces of software.
“It’s been tried, but the challenge has been in producing a piece of software where the user has a seamless experience,” Redi CEO Rishi Nangalia said.
Redi has made three attempts at this before with no success. Nangalia expects this time to be different because, he explained, the two systems are so similar in their design principles. Typically, OMSs and EMSs are not. The EMS is messaging- and event-driven. The OMS is database-driven. But Citadel’s architecture is more event-based than database-based. Plus, the software framework Citadel has used is very similar to that on which Redi is based.
The benefit of a completely seamless OEMS, Nangalia said, is that any changes in the OMS are immediately recognized by the EMS. This is not the case with simple linking. Nangalia expects a final product to be ready early next year.
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