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satisfied with their EMS providers , but they continue to be fairly consistent when it comes to what they want from their EMS , maintaining similar requests as prior years noting for example their interest in additional asset class coverage or enhancements in the system ’ s usability and functionality , as well as improvements in TCA . In addition , firms continued to express frustration with integrating their EMS with other systems . APIs and prebuilt modular connections are making it easier to integrate multiple systems so firms who wish to do so can use multiple best-of-breed or asset class specific EMSs , as long as positions can be consolidated and aggregated further down the technology stack . Throughout the next year , buy-side firms will continue to expand and incorporate consolidated front-to-back transactional architectures to increase workflow efficiency while also reducing operational costs . Where and when exactly firms and vendors try to incorporate EMSs within that consolidation and where feasible , be incorporated as part of the OMS will continue to be something to watch . As previously mentioned , this is something easier said than done . AI will also continue to be something to watch in the coming year as firms and vendors alike look to utilise the technology to improve workflow efficiency in the front-office . Many of the providers profiled in this survey note the fact that they are continuing to focus on ways to incorporate the technology into existing solutions . This year , nine EMS vendor firms received sufficient responses from buy-side users to warrant a profile in the survey : Bloomberg , Charles River - A State Street Company , FlexTrade , Instinet Newport , LSEG TORA , Neovest , Portware Enterprise a FactSet Trading Solution , TS Imagine TradeSmart and Virtu Triton . Among the profiled vendors , four outperformed the overall survey average of 5.91 : Instinet Newport , Neovest , LSEG TORA , and Virtu Triton EMS .
Methodology Survey respondents were asked to provide a rating for each execution management system ( EMS ) provider on a numerical scale from 1.0 ( very weak ) through to 7.0 ( excellent ), covering 13 functional criteria . In general , 5.0 ( good ) represents the ‘ default ’ score of respondents . In total , over 370 individuals responded ; around 560 evaluations were submitted ; and 17 providers were evaluated . All evaluations were used to compile the overall market review information as well as provider profiles covering the major EMS providers based on responses received . Each evaluation was weighted according to three characteristics of the respondent ; the value of assets under management ; the scale of business being conducted electronically ; and the number of different providers being used . In this way , the evaluations of the largest and broadest EMS users were weighted at up to twice the weight of the smallest and least experienced respondent . In arriving at any overall calculations , the scores received in respect of each of the 13 functional categories were further weighted according to the importance attached to them by survey respondents . The aim is to ensure that in assessing service provision the greatest impact results from the scores received from the most sophisticated users in the areas they regard as the most important . Finally , it should be noted that responses provided by affiliated entities have been discarded and that other responses , where respondents were unable to be properly verified , were also excluded . We hope that readers find this approach both informative and useful as they assess different capabilities in the future . This year ’ s analysis for the EMS survey has been carried out by Datos Insights ( formerly AiteNovarica Group ).
Since its launch in 2013 , The TRADE ’ s Execution Management Systems survey has captured key trends and insights into client perception . For those wishing to dive deeper into the survey ’ s findings , we offer highly customised research reports , focussing on tailored analysis of historical and current client perception data across EMS providers , as well as actionable data to drive decision-making and strategy . Please contact Karen Delahoy at karen . delahoy @ thetradenews . com for more information about our bespoke research reports .
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