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TS (TradingScreen)
T
S (TradingScreen) has been one of the main
advocates of the integrated order and execution
management system and has evolved its TradeSmart
platform into this hybrid model, as well as building out
is analytics capabilities through partnership with ITG
(now part of Virtu) and improving standardisation and
scalability through integration work with data special-
ist IHS Markit. However, the vendor saw the largest
fall in buy-side responses in this year’s EMS survey
compared to the 2018 edition, drawing 44% fewer
responses this time round.
The vendor’s historic results in the EMS survey have
shown respectable scores from buy-side respondents
with year-on-year incremental improvements in most
areas, and the story in this year’s edition of the survey
is no different. TS recorded an average score of 5.88,
just above the survey average of 5.78, which represents
a year-on-year increase of 0.19. The vendor received
scores over 6.0 in four of the 13 functional categories
under review: reliability and availability (6.25), client
service personnel (6.10), FIX capabilities (6.05), and
breadth of direct connections to venues (6.17).
Despite recording respectable scores across all 13
categories, TS was consistently placed on the mid-
to-lower end of the provider profile scoring charts by
this year’s buy-side respondents. TS saw year-on-year
increases in all but one of the 13 categories reviewed
in this year’s survey – the exception being a marginal
0.04 year-on-year decrease in the breadth of broker
algorithms category – most notable in the breadth of
direct connections to venues (+0.54), reliability and
availability (+0.37), ease of use (+0.26) and product
development (+0.25). Cost will always be a key consid-
eration for trading technologies on the buy-side and
while a score of 5.63 is by no means a bad result for TS
it does show, at least in comparison to other provider’s
results, that some users think there may be more value
elsewhere in the market.
While TS has again produced a solid showing in this
year’s EMS survey, the firm is in danger of falling fur-
ther behind its competitors in this space, as other pro-
viders post significantly higher scores year on year and
those with larger spending power seize their chance to
acquire established EMS products and client bases.
TS RATINGS FOR EMS PERFORMANCE
Reliability and
Availability Latency Client Service
Personnel Ease-of-
Use Handling of New
Versions/Releases Breadth of Broker
Algorithms Timeliness of Updates
for Broker Changes FIX Capabilities
6.25 5.87 6.10 5.99 5.54 5.88 5.60 6.05
Breadth of Asset Class
Coverage Breadth of Direct
Connections to Venues Product
Development Ease of Integration to
Internal Systems Overall Cost of Operation Average score
5.91 6.17 5.67 5.79 5.63 5.88
KEY STATS
+0.54 6.25 5.54 66%
Best year-on-year score
(Breadth of direct
connections to venues) Highest score
(Reliability and
availability) Lowest score
(Handling of new
versions/releases) Most important EMS
feature: Ease of use
92 // TheTrade // Fall 2019