Agency-broker ITG has put its order management system online.
Buyside customers who use the online version of the OMS, formerly known as Macgregor XIP, save the cost and maintenance of keeping the system on their own servers and desktop computers. In the online version, the software is “hosted” by ITG on its own servers and accessed by an Internet connection.
The hosted version of XIP can be used by both existing and new customers, including smaller long-only funds and hedge funds, Will Geyer, managing director and head of platforms at ITG, told Traders Magazine.
A quantitative and fundamental research boutique, Affinity Investment Advisors of Irvine, Calif., is the first user of the web-based OMS system.
Geyer said ITG has several more clients in the pipeline it expects to use the hosted system.
“Our existing customers wanted this and it lead to us reaching previously underserved clients,” Geyer said. “By going online it minimizes complexity of our installation and upgrading process. We can support the system easier this way.”
Smaller firms with limited technology budgets and support staff are prime candidates for the online OMS, Geyer said. ITG hopes that larger firms who do have the resources to support the OMS on their own hardware will use the online system as a back-up in case of emergency.
“The hosted solution provides us with all of the functionality of ITG OMS without the need to purchase or lease dedicated servers and commit in-house information technology staff to support the platform,” said Jeff Randolph, Chief Operating Officer at Affinity Investment Advisors, in a release. “Installing ITG OMS will enable us to spend more time focusing on our clients and our investment performance.”
The hosted service also supplies real-time market data, redundant connections to market centers using the Financial Information Exchange messaging protocol and disaster recovery.
ITG’s OMS can still be installed on a customer’s site. The XIP system can be integrated with most third-party execution management systems and ITG’s own Triton EMS.
