Anyone know the difference between an Market data system, and a Order Management system, I know whaat a MDS is and how it works but not sure if OMS is basically the same thing different term. THanks.
An Order Management System is responsible for a number of things. First, it has to allow firms to input orders to the system for routing to the pre-established desitinations. It also has to allow firms to change, cancel and update orders. When an order is executed, the OMS has to update its database and send an execution report to the order's originating firm. An OMS should also allow firms access information on orders entered into the system, including detail on all open orders and on previously completed orders. Some management functions of an OMS might include: establishing and modifying order routing tables, entering and modifying dividend and stock split transactions, and processing and managing underwriting functionalilty. I'm not sure about this, but I think a Market Data System simply keeps records of executed trades and the order books for best bids and offers from each exchange. -- Paccc