Mostly… fixed income and cross product eTrading

March 22, 2007

oms in fixed income space

Filed under: OMS / EMS — holky @ 7:08 pm

So what is the definitive list of OMS with any presence to note in the fixed income space?

– Charles river
– latent zero

Is anybody else really making any headway into FI?



  1. What about thinkFolio – it seems to be heading for the lead spot in the UK

    Comment by Tulipomania — March 22, 2007 @ 10:24 pm

  2. Headway… perhaps we can begin to lay out the requirements for what the FI market should offer in 07, 08,… I think its on many minds. RFQ really what customers want?

    Comment by lacidar — March 23, 2007 @ 12:32 am

  3. […] oms in fixed income space « Mostly… fixed income oms hedge […]

    Pingback by 11p · links for 2007-03-23 — March 23, 2007 @ 4:23 am

  4. thinkFolio? Never heard of it I must admit… sure they do FI?

    MacGregor & LineData have a few customers but are behind LZ & CRD.

    On the continent Omgeo comes up a bit and don’t forget Bloomberg….POMS/TOMS.

    Think one of the main iussues facing Funds at the moment is the lack of a IRS & CDS module.

    Comment by waratah — March 23, 2007 @ 10:42 am

  5. I’m not sure if it is poor etiquette for me to comment to this post (I am part of thinkFolio). If so just shout and I’ll shut up.

    We certainly _do_ do Fixed Income as well as FI Derivatives such as CDS and IRS.


    Comment by Andrew Walsh — March 26, 2007 @ 10:16 pm

  6. No problem Andrew, I’ll keep an eye out for thinkFolio.

    Comment by waratah — March 27, 2007 @ 7:47 am

  7. I would suggest that part of the problem with this question is the phrasing. An equity OMS is really a workflow tool with added bells and whistles. There is not the same well defined workflow for Fixed Income – not generally exchange traded, traders searching for attributes rather than a name and so on. Hence FI systems tend to provide analysis, analytics, slice’n’dice, rather than “place order, monitor executions, wait for DFD, close, pass to settlement”.

    Bless ’em, but CRD is not really able to fit into this world and LZ is not either. Both great systems that have overcome their initial limitations (Powerbuilder client /server and in-house Flemings Tokyo OMS) and are great for traditional business, but pull them out of the respective comfort zones and you find that the tools are not really there.

    And CRD and LZ ain’t cheap either – in license costs or hardware/software requirements.

    Just for full disclosure. I don’t work for CRD, LZ, TF or a competitor. I have made the purchase decision to buy CRD for a multinational bank ahead of LZ and I know folks at both firms.

    If that Andrew Walsh is the ex-Guinness Flight person then “Hello Andrew” – I presume that ThinkFolio is the latest incarnation of “Assets”. A good bit of kit as well.

    Comment by John Greenan — April 26, 2007 @ 11:43 am

  8. Good grief it’s a ridiculously small world – I also have dim and distant history with Guinness Flight [Global Asset Management] going back a bit..

    But anyway you’re right – those off the shelf OMS have focussed on equity flows (why not, it’s clearly paid the bills so far) and so are now somewhere along the lines of trying to shoehorn fixed income flows into their existing framework in order to at least ‘offer’ a cross product system – if that’s part of their overall strategy.

    They are driven by the prioritisation of their customers – so if customer will pay for the development resource to do ‘something’ for FI and there is nothing else they need to do more for other customers, or for their strategy instead, then it will get done.

    The problem I have heard is that equity world [and thus the OMS development requirements for equity] do not remain static while even the most basic FI functionality is built into these systems.

    Surely that’s why the existing FI vendors (tradeweb, bloomberg, reuters, marketaxess, bondvision, …) – who can make reasonable claim to have captured FI requirements to some extent, at least in terms of trading this stuff – are well positioned to take the stage as OMS providers for FI world?

    But still they don’t see the OMS guys as their direct competition.

    So let’s be clear. This really is a competition for the buyside desktop. In FI space, etrading will play a part in this.

    BTW; did your purchase decision for CRD include any fixed income criteria?

    Comment by holky — April 26, 2007 @ 2:15 pm

  9. It is a very small world. Six years ago I recommended to Paul Nokes that Royalblue buy LatentZero…

    The purchase of CRD I was involved in was for an equity based project with some fixed income assets but Fixed Income functionality was not a real consideration.

    Market Axess and Tradeweb are both ugly systems in a manner that is similar to Bloomberg – ie functional but ugly as sin. There is no buy-side fixed income OMS system that is multi-currency, multi-asset (a fair portion of the range of Fixed Income products) pretty, industrial strength and powerful.

    I think that there is a place for a genuinely FIX enabled Fixed Income workplace integrating research, analysis, RFQ type functions, FIX connectivity and real-time PnL/risk exposure. Build it in a .NET pretty thick client and add a powerful Excel RTD component to allow Ad hoc excel analysis.

    Build it and they will come….

    Comment by John Greenan — April 26, 2007 @ 4:51 pm

  10. Hi John. We had to do a clean room development for IP reasons, and because Assets had some serious limitations if you wanted a product rather than an in-house development but yes, the ideas that funded it are still built into the core.

    We like to think we built it and they did come – if you fancy a look-see drop me a line and pop over. We are not far from the old GF offices, check out the (rather obtuse) website.

    Comment by Andrew Walsh — April 30, 2007 @ 1:06 am

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