buy side OMS connectivity suggestions

Discussion in 'Trading' started by toughgetsgoing, Feb 25, 2018.

  1. we always have a choice to either develop our own OMS (order management system) or buy off the shelf. Both has it's pros and cons. Due to limited resources and limits time to go live, lot of people decide to buy off the shelf products in the beginning.

    At an early stages, I am looking to buy an off the shelf product as well. As I start my research on google for the available products, I was amazed to see so many products available and all off them offer various features. Some supports very low frequency trading to limited product types etc. I couldn't find a one place comparison of these products to help me select one that will match my needs. I am mainly interested in a connectivity solution to brokers and not interested in a GUI platform. We will develop our own platform with automated trading capabilities. We need a product which has connectivity to various brokers, support for various products etc and a good API with sufficient call backs for order management.
    My requirements are as below:
    1. Multi asset support (Equities, futures, FX, commodities)
    2. DMA and Algo support
    3. Coverage of global markets (exchanges, ECNs)
    4. coverage of brokers (lead brokers in each region, country etc)
    5. 24/7 support and support for adding new features/products/markets etc
    6. cost
    Could you share your experiences with products, or you think is a good product or some comparison?

    I am looking at Fidessa, Eze Software, FlexONE as of now.

  2. Robert Morse

    Robert Morse Sponsor


    You should know that contracting for your own OMS is expensive and not every clearing broker or broker allows a customer to use their own and connect to their routes to the exchanges or even just for Prime brokerage clearing,

    toughgetsgoing and cvds16 like this.
  3. truetype


    Be wary of vendors who charge per-share / per-contract. As your business grows you'll find yourself paying millions of dollars a year and you'll have to rip and replace to stop the cash bleed.
    toughgetsgoing likes this.
  4. hi Bob,
    my understanding is that your oms needs to be certified with each prime broker that you use and once the certification is done for each product its good to go. there is some time involved in certification and hence i was looking for one which already hash relationships with some main PBs out there for major markets.

    what are you suggesting here? we do not have enough resources to build one as of now.
  5. Robert Morse

    Robert Morse Sponsor

    You need to make sure the Prime broker will accept this. It is more typical for a prop firm or larger hedge fund to use this solution. It can cost $10K+ to maintain, do you have a large account that requires this? If yes, go for it.
  6. yes, we are able to handle these costs. now comes down to my original question of any experiences with various softwares. I am planning to get details of some of the famous softwares and meet them in person to find out which one suits most of my needs. any suggestions are appreciated
  7. Thanks for your suggestions. will keep this in mind. any specific you talking about?
  8. truetype


    I'd rather not say, but I've had personal experience multiple times. You'll find out soon enough.