Eze Software Integrates Eze OMS with RealTick EMS, Previews 2015 Upgrades

In April 2013, upon the formation of Eze Software Group, the company brought together its RealTick EMS and Eze OMS, and coupled it with the recently acquired Tradar portfolio management system (PMS). The initial phase saw the integration of the OMS and PMS, which it now builds on with today's announced integration of the OMS with the EMS.

"The vision for the company was to bring a full front-to-back offering with portfolio management, order management and execution management capabilities," from a single interface, Rob Keller, executive managing director of product management and development at Eze Software Group, tells Buy-Side Technology.

Swivel-Free
Through the latest enhancement, which Keller believes will be appropriate for about half of the firm's client base, users can leverage all the pre-trade capabilities within the OMS ─ such as allocation defaulting, position checks, and checks run through its compliance engine ─ while originating orders from within RealTick.

Rather than building one, unified OEMS, which Keller believes would have watered-down functionality, firms will still have to purchase the Eze OMS and RealTick EMS platforms if they want the full front-to-back experience of Eze Software, but now rather than having to toggle between interfaces to, for example, conduct a pre-trade compliance check on the OMS and then execute the trade on the EMS, they can now accomplish this workflow through one integrated widget on their desktop without having to switch between two separate platforms.

"There's no more swivel between the two systems," he says. "In fact, for traders that just want to live within the RealTick EMS but make sure their trades are pre-trade compliant, they don't have to have the OMS running because at the firm it will be running, but doesn't necessarily have to run on their desktop."

Phase 3
Also included in this release is the synchronization of security masters to ensure that security-level data and workflows between the two systems ─ with the OMS being an enterprise system, while the EMS resides in the cloud ─ will not be hindered.

Keller says that the for the next phase, which has a Q1 or Q2 2015 deliverable target date, Eze will integrate the Eze OMS advance pre-locate, pre-borrow functionality into the RealTick front end so that if a trader runs a short on a security, the user will not have to swivel between two systems, ensuring that they have the proper borrow amount in place and that they're getting rates from various prime brokers.

Eze is also looking at more advanced support for contract-for-difference (CFD) trades and swap transactions. Additionally, for its compliance rules engine, Eze will introduce functionality for error levels that will allow compliance officers, as opposed to traders, to give advice on a particular violation and approve whether it can be sent to the market or canceled.