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FactSet ’ s Portware
FactSet ’ s EMS , Portware Enterprise , is created to be adaptable to the workflows and requirements of complex buy-side trading operations . Portware has continued to enhance its user experience , improving workflows , automation , access to liquidity and integration with third-party technologies . Portware ’ s architecture facilitates integration with one or more OMS platforms or points of order origination , removing the need for any manual re-keying of trade data while also reducing operational risk . Portware received 19 responses from its buy-side clients in this year ’ s survey , down from the 39 that took part in 2022 .
Portware ’ s average score of 5.69 in this year ’ s survey puts it 25 basis points below the 2023 overall survey average of 5.94 and 9 basis points below its 2022 score . Despite this , Portware experienced year-over-year increases in seven of the 13 categories assessed in this year ’ s survey with the most notable being client service personnel (+ 0.31 ) and timeliness of updates for broker changes (+ 0.07 ). Those improvements , however , were overshadowed
by its year-over-year decline in ease of integration to internal systems ( -0.75 ), which was Portware ’ s lowest rated category ( 4.95 ) and significantly impacted its overall score . The company ’ s highest score in this year ’ s survey was in breadth of broker algorithms ( 6.39 ), which outperformed the survey category average by an impressive 34 basis points . This was followed by high scores in reliability and availability ( 6.16 ), FIX capabilities ( 6.14 ) and breadth of direct connections to venues ( 6.01 ), which all scored in the Very Good range ( 6.00-6.99 ).
Regarding additional capabilities requested by buy-side clients responding to FactSet ’ s Portware , some mentioned more sophisticated automated routing ; improved in-trade visualisations ; fixed income direct connectivity to brokers ; realtime TCA integration ; improving ease-of-use of automated trading functionality ; flexibility to deliver implementation of algo updates ; and enhancements to the user interface and tools as well as the ability to more easily adjust and customise the blotter .
FACTSET ’ S PORTWARE 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 |
6.16 5.85 5.91 5.45 5.11 6.39 5.84 6.14
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 |
5.41 6.01 5.32 4.95 5.46 5.69
KEY STATS Category Outperformer : X2
6.39
Highest score ( breadth of broker algorithms )
4.95
Lowest score ( ease of integration to internal systems )
+ 0.31
Most improved ( client service personnel )
-0.75
Least improved ( ease of integration to internal systems )
78 // TheTRADE // Q3 2023