[ 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 ]
TS Imagine
TS Imagine TradeSmart is an all-asset class EMS , that provides interoperability for streamlining workflows , accessing liquidity and improving pre-trade data and post-trade analytics . In an effort to innovate , TS Imagine recently launched a new modular offering targeted at emerging hedge fund managers that can be fused into the TradeSmart application called TS One . It is designed to bring together the combined risk and portfolio analytics strengths of the legacy Imagine Software with the execution management capabilities of Trading Screen . TS Imagine has around 250 buy-side clients using its TradeSmart EMS , 37 of which responded to this year ’ s survey ( down from 77 in 2022 ).
TS Imagine ’ s TradeSmart recorded an overall score of 6.02 this year , which represents a slight drop from its 2022 score of 6.04 but is still comfortably above this year ’ s survey average of 5.94 . TradeSmart outperformed the benchmarks in nine of the 13 categories reviewed in the 2023 survey . Its most significant areas of outperformance
relative to the overall industry were ease of integration to internal systems and breadth of asset class coverage , which both came in at 35 basis points above their respective category averages .
Year-on-year , results demonstrate that TS Imagine saw a score increase in seven key areas under review with the most notable being reliability and availability (+ 0.32 ), breadth of broker algorithms (+ 0.17 ) and latency (+ 0.14 ). Reliability and availability ( 6.57 ) was also the vendor ’ s highest rated category in 2023 while its lowest was overall cost of operation at 5.36 .
Client feedback around additional capabilities was plentiful , with respondents calling for better TCA capabilities , workflows with all the major execution venues for credit derivatives , integration for derivatives with the major OMSs , connectivity to primary platforms , additional multi-asset offerings , more access to market data , an integrated pre-trade analysis tool , improved order lifecycle automation and an enhanced user interface .
TS IMAGINE 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 |
6.57 6.26 6.04 5.89 5.94 6.25 5.99 6.15
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 |
6.07 6.05 5.74 5.97 5.36 6.02
KEY STATS Overall Outperformer : Category Outperformer : X9
6.57
Highest score ( reliability and availability )
5.36
Lowest score ( overall cost of operation )
+ 0.32
Most improved ( reliability and availability )
-0.36
Least improved ( overall cost of operation )
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