Order Management Systems (OMS) features

Back to Order Management Systems (OMS) products

Software that automates and streamlines the investment order lifecycle, from creation to execution and settlement. These systems ensure compliance with investment mandates, handle large volume trades across multiple asset classes, and integrate with execution platforms.

We ask vendors to mark their product against our feature list. It is not available for all products and in some cases we have derived data from publicly available sources. The list of features follows. Vendors can add a further 10 key features of their own.

Allocation and Settlement

Features that manage post-trade processes including allocation, confirmation, and settlement

Allocation processing time: Time required to complete allocation process for block trades
Automated trade allocation: Automatic allocation of executed trades to underlying portfolios
Average pricing capability: Support for average pricing across multiple executions
Commission tracking: Tracking of commissions and other transaction costs
Customizable allocation algorithms: Ability to define custom logic for trade allocations
Failed trade management: Tools for identifying and resolving failed trades
Matching system integration: Connection to trade matching utilities (e.g., DTCC CTM)
Multi-currency settlement: Support for settling trades in different currencies
SSI database: Management of Standard Settlement Instructions
Settlement accuracy rate: Percentage of trades that settle without manual intervention
Settlement instruction management: Central repository for settlement instructions
Trade confirmation workflow: Automated process for confirming trades with counterparties

Compliance and Risk Controls

Features that enforce investment policies, regulatory requirements, and risk management

Audit trail: Comprehensive logging of all system activities for audit purposes
Compliance checking speed: Time required to perform complete compliance check on an order
Compliance rule customization: Ability to create custom compliance rules without vendor intervention
ESG screening: Support for Environmental, Social, and Governance screening in the investment process
Exposure monitoring: Real-time tracking of portfolio exposures across various dimensions
Investment policy enforcement: Ability to implement and enforce client-specific investment policies
Number of concurrent compliance rules: Maximum number of compliance rules that can be active simultaneously
Post-trade compliance monitoring: Continuous monitoring of portfolios for compliance violations after trades
Pre-trade compliance checking: Ability to validate orders against investment rules before execution
Regulatory reporting integration: Built-in support for regulatory reporting requirements (MiFID II, Form PF, etc.)
Restricted security lists: Management of restricted securities and issuers
Trade risk limits: Ability to set and enforce trade-level risk limits

Integration and Connectivity

Features related to system interoperability and market connectivity

API availability: Comprehensive APIs for integration with other systems
API response time: Average response time for API calls
Accounting system integration: Seamless connection with back-office accounting systems
Broker connectivity: Pre-built connections to major brokers and trading venues
CRM integration: Connectivity with Customer Relationship Management systems
Custodian connectivity: Direct links to custodian banks for position and cash reconciliation
Data warehouse integration: Ability to feed data into enterprise data warehouses
EMS integration: Integration with Execution Management Systems
FIX protocol support: Support for Financial Information eXchange protocol for trading communication
Market data integration: Connections to market data providers for real-time pricing
Number of supported brokers/venues: Number of brokers and trading venues directly supported
SWIFT messaging capability: Support for SWIFT messaging standards

Order Entry and Execution

Features that enable the creation, routing, and execution of investment orders

Algorithm-based execution: Access to broker and proprietary trading algorithms
Block order creation: Ability to create block orders across multiple portfolios with similar investment objectives
DMA (Direct Market Access): Direct connectivity to execution venues without intermediary routing
Manual order entry: Support for manual order entry with customizable order templates
Market order types: Support for various order types (market, limit, stop, etc.)
Maximum order throughput: Maximum number of orders the system can process simultaneously
Multi-asset class support: Ability to handle various asset classes including equities, fixed income, derivatives, alternatives, etc.
Order amendment capability: Ability to modify orders before execution
Order cancellation tracking: Capability to track and audit order cancellations
Order entry speed: Time required to process and route an order
Order splitting functionality: Ability to split orders across multiple brokers or execution venues
Order staging: Capability to stage orders before sending them to market

Pension Fund Specific Features

Features specifically designed for pension fund management needs

Asset-liability matching: Functionality for matching assets to pension liabilities
Beneficiary payment scheduling: Management of scheduled benefit payments
Cash flow forecasting: Tools for projecting future pension cash flows
Currency hedging programs: Support for implementing and monitoring currency hedging
Funding forecast horizon: Maximum time horizon for funding forecasts
Funding ratio tracking: Monitoring of pension funding ratios over time
Inflation risk management: Tools for managing exposure to inflation risk
Liability-driven investment (LDI) support: Tools for implementing and managing LDI strategies
Longevity risk tracking: Ability to monitor and manage longevity risk exposure
Multi-manager oversight: Ability to monitor and aggregate positions across external managers
Regulatory compliance for pensions: Built-in compliance with pension-specific regulations
Transition management tools: Features to support efficient manager transitions

Portfolio Management Integration

Features that connect the OMS with portfolio management and investment decision-making processes

Asset allocation monitoring: Real-time tracking of asset allocation relative to targets
Cash management functionality: Tools for monitoring and managing cash positions across portfolios
Look-through capability: Ability to analyze underlying holdings in funds-of-funds structures
Maximum number of portfolios: Maximum number of portfolios the system can effectively manage
Multi-portfolio management: Ability to manage and trade across multiple portfolios simultaneously
Performance attribution integration: Connection with performance measurement and attribution systems
Portfolio analytics: Built-in portfolio analytics and risk metrics
Portfolio modeling integration: Seamless integration with portfolio modeling tools
Rebalancing calculation speed: Time required to complete rebalancing calculations across portfolios
Rebalancing tools: Automated portfolio rebalancing capabilities
Target position management: Ability to set and track target portfolio positions
What-if analysis: Ability to model potential trades and their impact before execution

Reporting and Analytics

Features for generating insights, reports and analysis from trading and portfolio data

Benchmark comparison reporting: Ability to compare performance against benchmarks
Custom report builder: Self-service tools for creating custom reports
Data retention period: Length of time historical data is retained and available for reporting
Data visualization tools: Interactive charts and graphs for visualizing portfolio data
Export capabilities: Support for exporting reports to various formats (PDF, Excel, etc.)
Historical performance reporting: Access to historical performance data and trends
Real-time portfolio dashboards: Customizable dashboards showing portfolio status in real-time
Regulatory reporting templates: Pre-built templates for common regulatory reports
Report generation time: Average time to generate complex reports
Risk analytics reporting: Comprehensive reporting on portfolio risk metrics
Scheduled reporting: Ability to schedule automated report generation and distribution
Transaction cost analysis (TCA): Tools for analyzing execution quality and trading costs

Service and Support

Features related to vendor support, training, and ongoing service

24/7 technical support: Around-the-clock technical support availability
Change management assistance: Support for organizational change management during implementation
Custom development services: Availability of custom development services for specific needs
Dedicated account manager: Assignment of a dedicated relationship manager
Frequency of system updates: Number of system updates and enhancements per year
Implementation support: Professional services for system implementation
Online knowledge base: Self-service repository of documentation and solutions
Regular system updates: Scheduled release of new features and improvements
SLA guarantees: Service Level Agreement with performance guarantees
Support response time: Guaranteed response time for support requests
User community/forum: Platform for users to share insights and solutions
User training program: Comprehensive training for system users

Technology Infrastructure

Features related to the technical foundation and operational aspects of the OMS

Automated backup procedures: Regular automated system backups
Cloud-based deployment option: Availability of cloud hosting option
Data encryption: Encryption of data both at rest and in transit
Disaster recovery capabilities: Comprehensive disaster recovery protocols and infrastructure
High availability architecture: System design ensuring minimal downtime
Mobile device compatibility: Access to system functionality via mobile devices
Multi-factor authentication: Advanced authentication methods for system security
On-premises deployment option: Ability to deploy the system on-premises
Performance monitoring tools: Tools to monitor system performance metrics
Recovery time objective (RTO): Target time for system recovery after failure
Role-based access control: Granular user permissions based on roles
System uptime: Guaranteed system availability

User Experience and Interface

Features related to system usability and user interaction

Blotter customization: Ability to customize trading blotters and order views
Context-sensitive help: Built-in help documentation relevant to current task
Customizable user interface: Ability for users to customize their view and workspace
Dark mode option: Dark color scheme for reduced eye strain
Drag-and-drop functionality: Intuitive drag-and-drop for order placement and management
Keyboard shortcuts: Configurable keyboard shortcuts for frequent actions
Maximum concurrent users: Maximum number of simultaneous users supported
Multi-screen support: Support for spreading the application across multiple monitors
Real-time alerts: Customizable alerts for critical events
Saved views/templates: Ability to save and recall workspace configurations
Screen refresh rate: Frequency of real-time data updates on screen
User activity tracking: Monitoring of user actions for productivity analysis

Features in Order Management Systems (OMS)

for Investment Management