The TRADE 85 - Q3 2025 | Page 76

[ 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 ]

ETFs, fixed income, FX, listed and OTC derivatives and digital assets. It is a fully SaaS-based, multi-asset class OEMS with fixed income execution management capabilities and liquidity access coupled with a fully embedded data management solution including reference data, pre-trade, in trade and posttrade. Over the next 12 months, TS Imagine will be focusing on an automation upgrade project, including the linking of trades and their sequencing and the revamping of its TCA and TCLA( Transaction Cost and Liquidity Analytics) module. TS Imagine has around 500 buy-side clients using TradeSmart, 49 of which responded to this year’ s survey.

TS Imagine’ s TradeSmart recorded an overall score of 5.55 in this year’ s survey, which falls slightly below the survey average of 5.71. The vendor’ s top category was reliability and availability with its highest score of 5.99, followed by latency( 5.95) and breadth of direct connections to venues( 5.83). TradeSmart outperformed the category benchmarks in two key areas, namely breadth of asset class coverage(+ 0.03) and ease of use(+ 0.02).

In a year-on-year comparison, TS Imagine saw its score decrease in most areas under review with the most notable being client service personnel(-0.70) and product development(-0.66). On a positive note, TS Imagine experienced gains in breadth of direct connections to venues(+ 0.11) and breadth of broker algorithms(+ 0.06), as well as breadth of asset class coverage, albeit slight.

Clients were well represented in Europe( 64 %), North America( 23 %) and Asia-Pacific( 14 %). In addition, 36 % of TS Imagine’ s clients manage more than $ 50 billion in AUM and 27 % fall between $ 10 billion to $ 50 billion.

Sample feedback from respondents included the following:

• Increasing breadth of click to trade options without having to leave the EMS

• Faster integration of new features and more availability of technical features

• Better available real-time data

• Further enhancement to fixed income and options

• Workflow improvements to script and automate routing and access to liquidity

• Single name CDS capabilities

TS IMAGINE RATINGS FOR EMS PERFORMANCE

5.99 5.95 5.47 5.81 5.50 5.80 5.54 5.82

5.67 5.83 4.82 5.35 4.60 5.55

KEY STATS Category Outperformer: X2

Highest score( Reliability and availability)

Lowest score( Overall cost of operation)

Most improved( Breadth of direct connections to venues)

Least improved( Client service personnel)

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