Mostly… fixed income and cross product eTrading

August 30, 2006

EMS for fixed income?

Filed under: etrading, FIX, OMS / EMS — holky @ 10:46 am

TowerGroup: Days Numbered for Independent EMS Providers? http://www.blackenterprise.com/yb/ybopen.asp?section=ybin&story_id=97324420&ID=blackenterprise

Remaining on the same train of thoughts as my blog about OMS driving FIX uptake on buyside in fixed income space… where is a standalone Execution Management System providing a customer interface into the fixed income electronic markets (tradeweb, marketaxess, bondvision, and so on). Here I’m not talking about a full-rambo Order Management System, with full-rambo OMS functionality and price, but just the straightforward aggregation of etrading connectivity so customer runs EMS rather than each platforms separate application/workstation. This of course has same potential impact on FIX fixed income uptake on buyside, only sooner as theres clearly no reason to implement EMS if youre not also “doing” the connectivity piece.

From technology perspective surely the EMS view is just about the aggregation of these markets into a single market-depth screen etc, with single (look-and-feel) order entry functionality, and a single feed into booking systems etc – something ION marketview (at least) has been doing on sellside for years. And with each of the platforms offering a FIX interface on customer side, this is actually then just aggregation of a handful of FIX connections – something existing EMS guys are clearly able to do. So is fixed income aggregation something the existing EMS guys have appraised and discarded- even though it could get their app onto customer desktop (even if only in “lite” form for FI)?  It will be a shame if the concept of a dealer-independent EMS dies off just because of the tough sell to customers because of the commitment to use that providers algos in other product areas.

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2 Comments »

  1. fixed income pricing across platforms

    Andrew Foust / Morgan Keegan
    5 Sep 2006 1:33PM ET
    After studying FIX and its implementation on a major trading platform, it does not support FIX as a pricing feed but only as trade reporting and execution. Does FIX have the capability to augment the price of bonds already located across systems?

    Thanks,

    Andy

    A partial answer to your question…from the FIX Protocol discussion boards

    http://fixprotocol.org/discuss/read/28a69c06

    Comment by catelong — September 6, 2006 @ 8:26 pm

  2. […] to other brokers’ algorithms via their platform.  Joining the dots between this and my previous post on EMS for fixed income , when should we expect to see an EMS standing up and being counted as a customer-side desktop for […]

    Pingback by Multi-broker FI EMS.... « Mostly… — June 4, 2007 @ 4:12 pm


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