Sterling Trading Tech has redesigned its order management system (OMS), launching OMS 360 in an effort to address growing regulatory pressures and the increasing complexity of modern trading environments.
The updated platform introduces real-time application of Regulation T and Portfolio Margin—features that are meant to close the gap between fast-moving markets and slower, end-of-day compliance processes, according to Michael Baradas, OMS Product Manager at Sterling.
“The way trading happens has changed, but risk controls have largely stayed the same. We wanted to build something that reflects how firms are actually operating—in real time, with real exposure,” he told Traders Magazine.
The redesign comes amid several market and regulatory shifts. According to Baradas, two main factors are pushing the industry toward change: on one hand, retail trading activity and the use of leverage have continued to rise; on the other, regulators are reconsidering long-standing rules—most notably, the FINRA Board of Governors has reviewed a proposal to ease the $25,000 net equity requirement for Pattern Day Trader accounts.
“These are clear signals that both participation and regulatory expectations are evolving,” Baradas said. “Firms are being asked to do more in less time, with greater transparency.”
Historically, according to Baradas, order management systems have operated separately from risk platforms, with checks occurring after trades are routed. He said that OMS 360 combines the OMS with Sterling’s existing Risk Manager (SRM), enabling margin and buying power calculations to be updated continuously as trades are placed and market conditions change.
The system applies real-time checks across Excess Liquidity, Special Memorandum Account (SMA), PDT, and Portfolio Margin accounts—an approach intended to reduce margin calls and improve capital utilization, he said.
“The goal is to prevent problems before they happen. By the time you’re doing end-of-day reconciliation, it’s already too late,” he stressed.
He added that the integration of risk and order management is part of a broader trend in the industry. As compliance burdens increase, some firms are looking to embed regulatory controls deeper into the trading process, he said, adding that OMS 360 aims to support that by providing a live audit trail and shared data views across trading, risk, and compliance functions.
“In most setups, there’s a delay between when a trade is made and when risk sees it. We’ve tried to remove that lag,” Baradas explained.
Transitioning from legacy platforms, however, presents challenges, according to Baradas, who pointed to technical hurdles such as account and margin model mapping, aligning FIX workflows, and managing latency. There’s also the need for training and operational change management, particularly at the desk level, he said.
To support migrations, Sterling is offering a range of tools including prebuilt FIX adapters, API documentation, sandbox environments for testing, and parallel run support. Still, the process requires coordination across multiple teams, Baradas argued.
Looking forward, the company plans to expand OMS 360’s capabilities to support additional asset classes, such as futures, global equities, and digital assets.
It also aims to introduce features like scenario testing and supervisory analytics, along with more configurable, no-code workflow options, Baradas said.
“The core of the system is real-time risk enforcement. From there, we’re building outward—toward broader coverage and more flexibility,” he concluded.
