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Execution management system (EMS)

Quick definition

An execution management system (EMS) is a trading system that handles order routing and execution. It usually provides traders with direct market access and tools to optimize execution. EMSs are typically used by the traders in investment and asset management firms.

What is an execution management system (EMS)?

An EMS may include features such as:

  • Real-time market data and analytics.
  • Execution algorithms.
  • Connectivity to multiple trading venues, exchanges, ECNs, dealers, and liquidity sources.
  • Visualization tools.
  • Low latency execution.
  • Transaction cost analysis (TCA) tools

See order management system (OMS).

Popular EMSs include Virtu Triton EMS, FactSet Portware, and Bloomberg EMSX.

References

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