[ S U R V E Y | E X E C U T I O N M A N A G E M E N T S Y S T E M S ]
Charles River , A State Street Company
Charles River Trader is a multi-asset order and execution management system ( OEMS ) and an integrated component of Charles River IMS , the firm ’ s cloud-based investment management solution . The OEMS provides a single user interface and blotter to help traders work more productively and offers co-mingling of execution and order data capabilities , automated order routing , pre-trade liquidity analysis and TCA data . Clients are able to manage investments and trading for all asset classes , including bespoke asset class workflows and direct access between buy-side clients and sell-side brokers via the Charles River Network . Charles River counts 300 buy-side clients globally using its OEMS , of which 18 provided feedback in this year ’ s survey ( down from 22 in 2022 ).
Charles River ’ s overall score this year increased 36 basis points , up to 5.01 , placing the vendor back in the Good range ( 5.00-5.99 ). The company ’ s highest score of 5.80 was recorded in breadth of asset class coverage , which outperformed the category
average by eight basis points . This was followed by FIX capabilities ( 5.75 ), reliability and availability ( 5.60 ) and ease-of-use ( 5.39 ), which fell short of the benchmarks by 0.45 , 0.78 and 0.56 respectively . Year-over-year performance was very positive , as Charles River recorded improvements across all bar two of the functional service areas measured in this year ’ s survey . The most notable rating increases were seen in breadth of asset class coverage (+ 0.76 ), ease-of-use (+ 0.70 ), FIX capabilities (+ 0.63 ), reliability and availability (+ 0.59 ) and product development (+ 0.52 ), which all recorded a significant increase in score .
Over 66 % of clients responding to Charles River were from large firms , managing more than $ 50 billion in assets . When asked which additional capabilities the buy-side would like to see from their EMS vendors , clients responding to Charles River noted more sophisticated automated routing and listening logic , better in trade visualisation , total return swap derivatives and algo wheel capabilities .
CHARLES RIVER , A STATE STREET COMPANY 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 |
5.60 5.21 4.40 5.39 4.52 5.05 4.25 5.75
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 |
5.80 5.29 4.61 4.72 4.49 5.01
KEY STATS Category Outperformer : X1
5.80
Highest score ( breadth of asset class coverage )
4.25
Lowest score ( timeliness of updates to broker changes )
+ 0.76
Most improved ( breadth of asset class coverage )
-0.39
Least improved ( ease of integration to internal systems )
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