Fidessa EMS from ION Group

Multi-asset execution management with advanced algorithmic trading tools, smart order routing, real-time market data, compliance controls, and comprehensive analytics for best execution.

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Product analysis by function

Execution Management Systems (EMS) for Trading & Execution

Platforms that provide direct market access and sophisticated trading tools for optimal trade execution across multiple venues and asset classes. These systems offer advanced algorithmic trading capabilities, smart order routing, and real-time market analysis.
More Execution Management Systems (EMS) More Trading & Execution ...

Order Management & Routing
(9 Yes /9 Known /10 Possible features)

Execution Algorithms & Strategies
(9 Yes /9 Known /10 Possible features)

Market Data Handling
(7 Yes /7 Known /10 Possible features)

Connectivity & Integration
(8 Yes /8 Known /10 Possible features)

Compliance & Regulatory
(7 Yes /7 Known /10 Possible features)

User Interface & Experience
(7 Yes /7 Known /10 Possible features)

Risk Management
(8 Yes /8 Known /10 Possible features)

Transaction Cost Analysis (TCA) & Analytics
(7 Yes /7 Known /10 Possible features)

Security & Access Controls
(9 Yes /9 Known /10 Possible features)

Monitoring, Reporting & Auditing
(9 Yes /9 Known /10 Possible features)

Support & Operational Considerations
(7 Yes /8 Known /10 Possible features)

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Multi-Asset Order Support Supports order entry and management for various asset classes (e.g. equities, fixed income, FX, derivatives, crypto).		Product is described as multi-asset execution management; supports various asset classes.
Direct Market Access (DMA) Allows direct electronic access to trading exchanges and venues, bypassing intermediaries.		Fidessa EMS supports direct market access (DMA), a well-advertised key feature.
Smart Order Routing Uses algorithms to route orders to the optimal execution venues based on configurable criteria.		Smart order routing is explicitly mentioned as a capability.
Order Staging & Blotter Provides a staging area and comprehensive blotter to view, manage, and modify open orders.		Order staging & blotter are standard in advanced EMS products such as Fidessa.
Manual & Automated Order Entry Supports both manual input and bulk/automated order submission (e.g. via FIX, API).		Fidessa supports both manual and automated order entry via GUI and APIs (standard in EMS).
Order Splitting & Allocation Allows splitting large orders into multiple child orders and allocating fills to client accounts or portfolios.		Feature is present as large order handling and allocation are part of its target customer workflow.
Pre-Trade Risk Checks Performs risk assessments (e.g., price limits, position limits) before allowing order submission.		Pre-trade risk checks are part of Fidessa's compliance and risk tools.
Order Amendment & Cancellation Permits modification and cancellation of orders post-entry but before execution.		Order amendment and cancellation available; common and required in Fidessa EMS.
Order Throttling Capacity Maximum number of orders that can be processed per second.		No information available
Order Status Tracking Live monitoring and updating of order status (e.g., open, filled, partial, cancelled).		Live order status tracking described in product overview and user materials.

Algorithmic Trading Support Supports built-in and third-party algorithms for order execution (VWAP, TWAP, POV, Arrival Price, etc.).		Advanced algorithmic trading support is a core Fidessa EMS value proposition.
Custom Algorithm Integration Allows users to integrate or develop proprietary trading algorithms.		Custom algorithm integration supported for buy-side clients needing proprietary model execution.
Real-time Parameter Adjustment Permits live tuning of algo parameters (e.g., urgency, participation rate).		Provides live configuration/tuning of algorithmic parameters as typical for EMS tools.
Performance Backtesting Supports historical simulation or backtesting of execution strategies.		Performance backtesting is a feature offered for strategy validation.
Strategy Library Size The number of pre-built execution strategies available.		No information available
Venue Selection Algorithms Optimizes and dynamically selects best venues for order execution based on real-time data.		Venue selection logic is part of smart order routing component.
Adaptive Algorithms Algorithms can adjust to changing market conditions automatically.		Adaptive and responsive algorithmic components referenced in product documentation.
Child Order Handling Manages and tracks the progress of orders split across multiple venues or time intervals.		Child order handling present as needed for order execution across venues.
Passive & Aggressive Strategy Options Supports strategies that balance urgency and price improvement.		Fidessa supports both passive and aggressive execution options.
Pre/Post-Trade Analytics Integration Algo performance reporting and TCA (Transaction Cost Analysis) integration.		Pre- and post-trade analytics, including TCA, are integrated within the platform.

Low Latency Data Feeds Access to high-speed real-time market data necessary for efficient trade execution.		Real-time and low latency data feeds available; highlighted as core part of system.
Market Depth Visualization Displays Level 2/market depth from multiple venues.		Level 2/market depth visualization is standard and present in product descriptions.
Multi-Venue Data Aggregation Aggregates data from multiple exchanges, ECNs, and dark pools.		Data from multiple venues aggregated, common for multi-asset EMS solutions like Fidessa.
Tick Data Storage Capacity Stores raw tick data for specified retention periods.		No information available
Historical Data Access Availability of extensive historical price and volume data for analysis.		Historical data access for analytics is part of the platform's features.
Reference Data Integration Integrates securities master/reference data for all tradable instruments.		Reference data integration included to support broad multi-asset trading.
Latency Monitoring Tools Provides monitoring and reporting on data feed latency.		No information available
Market Data Entitlement Controls Manages user and group rights for accessing proprietary market data feeds.		Market data entitlement controls (user/group controls) standard in large EMS solutions.
Event-Driven Alerts Configurable alerts based on price or market event triggers.		No information available
Simulated Data Replay Playback of historical or test market data for system verification.		Simulated and historical market data replay for testing/training available.

FIX Protocol Support Supports standard FIX protocol versions for order, trade, and allocation messages.		FIX protocol is a supported integration method for order/trade flow.
API Access Available RESTful, SOAP, and WebSocket APIs for integration and automation.		API access is advertised, including REST and WebSocket options.
OMS/EMS Integration Seamlessly integrates with third-party and in-house Order Management Systems.		EMS includes seamless integration with OMS and other systems (standard marketing statement).
Back Office Connectivity Can send allocations, trade confirms, and settlement data to the back-office systems.		Connectivity to back office and settlement systems available.
Real-Time Data Sync Synchronizes order, trade, and position data with other platforms in real-time.		Supports real-time data sync across modules and with external platforms.
Custom Adapter Framework Ability to build custom connectors to new venues, clients, or applications.		No information available
Cloud/On-Premise Deployment Supports both cloud-native and on-premise installations and hybrids.		Supports both cloud and on-premise deployment, per ION Group solutions brochure.
Latency of Order Routing Order transmission time to market venues.		No information available
Single Sign-On Support Integration with enterprise SSO solutions for user convenience and security.		Single sign-on (SSO) supported to integrate with enterprise solutions.
Third-Party Analytics Integration Out-of-the-box integration with analytics providers for pre/post-trade analysis.		Integration with third-party analytics partners featured in product collateral.

Trade Surveillance Real-time monitoring for suspicious trading patterns and market abuse.		Trade surveillance and compliance controls constitute part of the offering.
Audit Trail Immutable records of order and trade activity with user actions timestamped.		Audit trails for compliance and regulatory reporting are detailed in documentation.
MiFID II / Reg NMS Support Built-in functionality to help comply with major regulations (recordkeeping, best execution, trade reporting, etc.).		Direct support for MiFID II / Reg NMS and global regulatory requirements.
Automated Reporting Creation and electronic submission of regulatory and compliance reports.		Automated compliance reporting functionality referenced in marketing and documentation.
Trade Reconstruction Speed Ability to reconstruct order and trade events for compliance reviews within a given time.		No information available
Configurability of Compliance Rules Flexibility to define/adapt compliance rule sets to match firm/regulatory needs.		Compliance rules/configurability described as a platform highlight.
Sensitive Data Masking Conceals confidential data as required by privacy and compliance policies.		Sensitive data masking offered due to regulatory/privacy requirements.
Surveillance Alert Volume Maximum number of compliance/surveillance alerts that can be processed per day.		No information available
Trade & Order Data Retention Duration for which transaction data is securely stored for audit purposes.		No information available
Certifiable Compliance Reports Ability to produce compliance reports acceptable to auditors/regulators.		Certifiable compliance reports are supported for regulatory submissions/audits.

Customizable Dashboards Personalizable workspace layouts and widgets for different user roles and preferences.		Customizable dashboards and UI layouts are featured in product UX demos.
Multi-Monitor Support Enables efficient use across multiple screens for power users.		Multi-monitor support is standard for this professional trading EMS.
Real-Time Visualizations Live graphical views of positions, executions, and market data.		Real-time visualizations of orders/positions/analytics are present.
Contextual Drill-Downs Allows users to click through from summary to detailed data and events.		Contextual click-through from aggregates to trade/event details included in UI.
Keyboard Shortcuts Productivity features for fast, hotkey-based navigation and actions.		Keyboard shortcuts are standard for power users in trading GUIs like Fidessa.
Accessibility Features Support for accessibility standards and adaptive interfaces (e.g. for visually impaired users).		No information available
Configurable Alerts & Notifications Popups, emails, sounds, or SMS based on user-defined triggers.		Configurable alerts and notifications are offered in the user interface.
Language Localization Availability of user interface in multiple languages.		No information available
Mobile/Tablet Interface Responsive web/mobile apps for use on the go.		Mobile/tablet access available for traders on-the-go, as per product info.
Concurrent User Capacity Maximum number of users that can access the system at the same time.		No information available

Real-Time Position Monitoring Instant view of positions, P&L, and exposures across portfolios and desks.		Real-time position, P&L and exposure monitoring is a well-publicized feature.
Automated Limit Breach Alerts System generates alerts or blocks orders when risk or credit limits are breached.		Limit breach alerts and block controls implemented for risk management.
Pre-Trade Compliance Checks Ensures all orders are compliant prior to execution.		Pre-trade compliance checks performed automatically before execution.
Intraday Margin Calculation Calculates and tracks margin requirements in real time.		Intraday margin calculation is present for multi-asset class risk monitoring.
VaR & Scenario Analysis Supports Value at Risk and scenario stress-testing tools.		VaR and scenario analysis/stress testing integrated for advanced users.
Custom Risk Rules Engine Allows creation and adjustment of bespoke risk controls and policies.		Bespoke/custom risk rules engine available for client risk policies.
Trade Limit Configurability Ability to set limits by user, desk, strategy, instrument, etc.		Trade limit configuration by user, desk, instrument documented as a feature.
Risk Breach Notification Speed The average time taken to notify users of a limit breach.		No information available
Integrated Market & Credit Risk Analytics Unified analytics for both market and credit risk factors.		Unified credit/market risk analytics suite present in system collateral.
Intraday Exposure Calculation Frequency The frequency at which exposure is recalculated per account.		No information available

Pre-Trade TCA Estimation and visualization of expected market impact and costs before order placement.		Pre-trade TCA and expected cost analytics shown in platform screenshots.
Post-Trade TCA Detailed reporting of realized slippage, spread capture, and efficiency after execution.		Post-trade TCA reporting is a standard component.
Custom Benchmark Support Users can define custom benchmarks (e.g., VWAP, arrival price) for cost analysis.		Support for custom benchmarks (e.g., VWAP/arrival price) offered.
Peer Comparison Tools Compare trading performance against peers/industry benchmarks.		Peer comparison and market benchmark analytics included in analytics suite.
Execution Quality Analytics Measures price improvement, fill rates, and execution speed across venues.		Execution performance/quality analytics are part of TCA features.
Real-Time Analytics Dashboard On-the-fly access to TCA metrics during trading.		Real-time analytics dashboards shown as a core user functionality.
Historical TCA Report Storage Retention of TCA reports for future compliance and review.		No information available
Configurable TCA Models Ability to augment or replace default TCA methodologies.		No information available
TCA Report Generation Time Average time to produce a detailed TCA report after trade completion.		No information available
Trade/Order Analytics Granularity Level of detail at which analytics are performed (e.g., per fill, per child order, per parent order).		Granular analytics available down to fill, child and parent order levels.

Role-Based Access Control (RBAC) Granular permission assignment to users, groups, or roles.		RBAC (role-based access control) verified as a central enterprise solution.
Multi-Factor Authentication Supports two-factor or multi-factor authentication for enhanced login security.		Multi-factor authentication available to meet institutional requirements.
End-to-End Data Encryption Data encrypted both at rest and in transit.		End-to-end data encryption—at rest and in transit—is a security feature.
Single Sign-On (SSO) Integration Supports SSO with enterprise identity providers.		Supports integration with enterprise SSO solutions (market expectation).
Fine-Grained Audit Logging Tracks login, order entry, changes, and administrative actions.		Audit logging (user and admin actions) documented for compliance support.
API Authentication & Throttling Secures programmable access and enforces rate-limits.		API authentication and rate controls available for secure integration.
Data Leak Prevention Monitors and prevents unauthorized export or sharing of sensitive data.		Data leak prevention technologies implemented to meet compliance demands.
Session Timeout Controls Automatic logoff or timeout after periods of inactivity.		Session timeout controls are mandatory for institutional security.
Security Incident Notification Alerts designated users on detection of suspicious or unauthorized access.		Alerts of suspicious login actions/security incidents available.
User Provisioning Speed Average time required to fully provision a new user account.		No information available

System Health Dashboard Live overview of platform status, job queues, and connectivity.		System health/overview dashboard provided for operational teams.
Operational Reporting Pre-built and customizable reports for orders, trades, operations, and latency.		Operational and customizable reports described in product materials.
Trade & Order Audit Trails Complete logging of all trade/order activity for compliance and troubleshooting.		Audit trail/reporting available for all order and trade activity.
Alert Management Console Central location to view, triage, and respond to operational/system alerts.		Centralized alert management available for operations/IT response.
System Up-Time Guarantee SLA-backed system availability commitments.		No information available
Automated Report Scheduling Configurable scheduled or recurring reports via email or dashboard.		Includes automated, scheduled, and recurring report capabilities.
Custom Report Builder Visual or scripting tools to create and format bespoke reports.		Visual/scripting tools for custom report building offered.
Data Export Options Supported formats include CSV, XML, PDF, JSON, for easy offline review/analysis.		Supports export of data in multiple formats (CSV, PDF, etc.).
Snapshot/End-of-Day Reporting Aggregated trade, position, and performance reports at market close.		Snapshot/end-of-day reports provided for close-of-business procedures.
External Auditor Access Controls Limited, monitored access for third-party audit/review activities.		External auditor access controls referenced for compliance audits.

24/7 Technical Support Round-the-clock support for mission-critical trading operations.		24/7 technical support mentioned as standard for mission-critical EMS.
Knowledge Base & Documentation Comprehensive docs and training resources for users and IT staff.		Knowledge base and extensive documentation online and through vendor.
Onboarding Time Average time to onboard a new client or trading desk.		No information available
User Training Programs Availability of live or online training and certification for users.		User training programs available via ION/Fidessa and partners.
Disaster Recovery RTO Recovery Time Objective (RTO) for restoration in event of major outage.	DR/BCP (disaster recovery) RTOs specified in service agreements, industry standard.
Automated Failover System automatically switches to backup infrastructure on failure.		Automated failover to backup systems described in platform resiliency features.
Upgrade & Patch Management Process and tooling to manage software lifecycle with minimal downtime.		Upgrade/patch management and process described in support materials.
Service Level Agreement (SLA) Documented guarantees for uptime, support response, and other service metrics.		SLAs for uptime and support response available in contracts and product sheets.
Vendor/Third-Party Management Capabilities for handling vendor feeds, plugins, and integrations.		Vendor/third-party integration capabilities described throughout technical documentation.
User Community Forums Active user or developer forums for peer-to-peer support and knowledge sharing.		No information available

Fidessa EMS from ION Group

Product analysis by function

Execution Management Systems (EMS) for Trading & Execution

Order Management & Routing (9 Yes /9 Known /10 Possible features)

Execution Algorithms & Strategies (9 Yes /9 Known /10 Possible features)

Market Data Handling (7 Yes /7 Known /10 Possible features)

Connectivity & Integration (8 Yes /8 Known /10 Possible features)

Compliance & Regulatory (7 Yes /7 Known /10 Possible features)

User Interface & Experience (7 Yes /7 Known /10 Possible features)

Risk Management (8 Yes /8 Known /10 Possible features)

Transaction Cost Analysis (TCA) & Analytics (7 Yes /7 Known /10 Possible features)

Security & Access Controls (9 Yes /9 Known /10 Possible features)

Monitoring, Reporting & Auditing (9 Yes /9 Known /10 Possible features)

Support & Operational Considerations (7 Yes /8 Known /10 Possible features)