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Bloomberg EMS
Bloomberg ' s EMS offering – known as EMSX for equities , FXEM for foreign exchange and TSOX for fixed income , derivatives and futures - is a multiasset execution management system , which allows liquidity takers to electronically transmit order details and route to market destinations via a variety of trading protocols including manual , electronic and automated . Bloomberg received 100 ratings from buy-side clients in the 2023 survey , down from 122 received in 2022 , yet again remains in second place in terms of overall number of ratings received across the survey .
Bloomberg recorded an overall score of 5.49 in this year ’ s survey , which represents a 13 basis point increase from its 2022 score , yet lands 45 basis points under the survey average . On a category level , Bloomberg underperforms the benchmarks in all 13 service areas under review , however year-over-year comparisons are much more positive . Bloomberg showed strong improvement , increasing its score across most categories , including key areas of service such as product development (+ 0.35 ), latency
(+ 0.27 ), breadth of direct connections to venues (+ 0.22 ) and ease of integration to internal systems (+ 0.21 ). Bloomberg ’ s highest score was once again in the area of reliability and availability ( 6.18 ), followed by latency ( 6.01 ) and FIX capabilities ( 5.81 ).
Bloomberg ’ s EMS offers connectivity to global exchanges , over 1,500 broker / dealer destinations for both OTC and Listed trading , representing 2,800 algorithmic / DMA , program and cash trading destinations . Submissions were received from respondents ’ located in all regions , with the majority based in major markets across North America ( 40 %) and Europe ( 35 %). Around 35 % of clients responding to Bloomberg were from firms managing upward of $ 50 billion in assets . When asked which additional capabilities the buy-side would like to see from Bloomberg , respondents cited increased integration and connectivity capabilities with other external and internal systems , expanded asset class capabilities , more automation and use of advanced technology like AI and additional TCA capabilities .
BLOOMBERG RATINGS FOR EMS PERFORMANCE
Reliability and availability |
Latency |
Client service personnel |
Ease-ofuse |
Handling of new versions / releases |
Breadth of broker algorithms |
Timeliness of updates for broker changes |
FIX capabilities |
6.18 6.01 4.99 5.45 5.38 5.51 5.57 5.81
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 |
5.47 5.56 4.95 5.08 5.37 5.49
KEY STATS |
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6.18 |
4.95 |
+ 0.35 |
-0.07 |
Highest score ( reliability and availability ) |
Lowest score ( product development ) |
Most improved ( product development ) |
Least improved ( breadth of broker algos ) |
76 // TheTRADE // Q3 2023 |
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