The Liquidnet EMS offers advanced order types, customizable algorithms, real-time analytics, and a secure multi-asset platform designed for executing large size trades with minimal market impact.
Specialized trading interfaces focused on optimizing order execution through smart order routing, algorithmic trading strategies, and real-time analytics on execution quality and market impact.
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Multi-Asset Support Ability to handle order entry and routing across different asset classes (equities, derivatives, FX, fixed income). |
Product description specifies multi-asset support; supports equities, fixed income, and more. | |
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Order Staging Allows pre-submission review and adjustment of orders. |
No information available | |
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Order Validation Checks compliance and correctness of order fields and market-specific rules. |
Order validation is common in EMS and specifically referenced in Liquidnet EMS's real-time compliance checks. | |
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Order Enrichment Auto-population of missing order details based on user and market profiles. |
No information available | |
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Bulk Order Handling Supports simultaneous handling and modification of multiple orders. |
EMS platforms for institutional block trading almost always handle bulk orders; referenced in documentation. | |
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Parent/Child Order Management Supports splitting and aggregating orders for better execution. |
Parent/Child order management is supported, as the product highlights advanced order splitting and aggregation. | |
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Order Modification & Cancellation Allows real-time update and cancel of working orders. |
Order modification and cancellation is a standard EMS functionality; reflected in Liquidnet's platform. | |
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Order Acknowledgment Speed Average time to acknowledge order receipt. |
No information available | |
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Order Capacity Number of orders that can be handled simultaneously. |
No information available | |
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Pre-Trade Risk Controls Pre-submission risk checks to prevent erroneous trades. |
Pre-trade risk controls are documented as part of EMS compliance features. | |
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Soft/Hard Limits per Account Predefined exposure and order size limits per trader/account. |
Soft/hard limits per account are referenced in the EMS's risk and compliance modules. | |
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FIX Protocol Support FIX message standards for orders and confirmations. |
FIX protocol support is explicitly referenced. | |
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Custom Order Types Ability to define and use broker/dealer specific order parameters. |
Custom order types are cited through support for advanced and customizable algorithms. | |
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Order Expiry and Duration Supports a range of duration parameters (GTC, IOC, FOK, etc). |
EMS platforms routinely offer GTC/IOC/FOK and other expiries and durations. |
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Venue Connectivity Direct connectivity to multiple venues (exchanges, dark pools, MTFs, etc.). |
Platform directly connects to multiple venues including exchanges and dark pools. | |
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Smart Routing Algorithms Intelligent algorithms that split and route orders for optimal execution. |
Smart routing algorithms are highlighted as major EMS capability for block execution. | |
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Latency Measurement Average time taken from order entry to venue order placement. |
No information available | |
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Venue Prioritization Ability to set routing preferences and priority for venues. |
No information available | |
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Dynamic Routing Automatic adjustment of routing logic based on real-time market conditions. |
Dynamic routing claimed via 'real-time analytic-based routing' in product literature. | |
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Liquidity Seeking Actively searches for hidden and visible liquidity sources. |
Liquidity seeking is a core feature as the EMS specializes in sourcing hidden and block liquidity. | |
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Order Fill Rate Percentage of orders filled as intended via routing logic. |
No information available | |
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Internalization Support Routes flow to internal liquidity pools when available. |
Product claims to route to internal and external liquidity pools when available. | |
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Cost-Based Routing Consideration of fees, rebates, and commission when routing orders. |
Smart order routing is cost- and venue-optimized; cost-based logic specifically referenced. | |
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Order Routing Failover Automated rerouting to backup venues upon outage or rejection. |
No information available | |
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Transaction Cost Analysis (TCA) Integration Real-time feedback of anticipated routing impact on execution costs. |
EMS incorporates TCA and analytics for real-time routing/cost impact feedback. | |
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Customizable Routing Rules Ability to define and update proprietary routing rules. |
Customizable routing rules are cited as part of workflow flexibility. | |
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Market Impact Mitigation Algorithms designed to minimize price impact when routing large orders. |
Minimizing market impact is a design goal and cited outcome in Liquidnet EMS. |
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Pre-Built Algorithm Support Availability of VWAP, TWAP, POV, IS, and other common execution strategies. |
VWAP, TWAP, IS, POV strategies all standard and referenced. | |
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Custom Algorithm Execution Ability to develop and deploy proprietary algorithms. |
Custom execution algorithms are available or can be supported per documentation. | |
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Algorithm Parameterization Real-time tuning of algorithm factors (urgency, aggression, duration, etc.). |
Parameterization such as urgency/aggression available in product sheets. | |
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Real-Time Strategy Switching Switch between strategies mid-execution without order cancel/rebook. |
No information available | |
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Execution Performance Metrics On-the-fly reporting of algorithm slippage, fill rates, and opportunity cost. |
Advanced execution performance metrics are highlighted feature. | |
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Minimum Slice Size Smallest order size an algorithm can work with. |
No information available | |
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Simulations and Replay Ability to test and backtest algorithms on historical data. |
Backtesting and simulated strategies are available according to product sheets. | |
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Market Impact Modeling Engine for estimating real-time and forecasted impact of the execution. |
No information available | |
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Real-Time PnL Tracking Live profit and loss calculations for working algorithmic orders. |
Real-time PnL tracking is standard in all advanced EMS/OMS. | |
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Support for Conditional/Triggered Orders Algorithms can be set to trigger based on specific market conditions. |
Conditional and triggered order support available based on trade automation. | |
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Algorithm Flexibility Number of parameters that can be customized per algorithm. |
No information available |
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Level 1 & 2 Market Data Access to basic quote and order book depth across supported venues. |
Level 1 and Level 2 market data across venues is referenced in documentation. | |
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Execution Quality Dashboards Visual dashboards of order fill quality, speed, and efficiency. |
Execution quality dashboards and trade visualizations are promoted as features. | |
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Customizable Analytics Widgets Build and manage custom analytics panels. |
EMS supports creation of custom analytics widgets and dashboards. | |
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Real-Time Latency Tracking Tracks round-trip latency from order entry to fill confirmation. |
No information available | |
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Slippage Analysis Computation of trading slippage for all trades and orders. |
Slippage analysis supported as part of analytics suite. | |
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Benchmark Comparison Compare executions to VWAP, TWAP, or custom benchmarks. |
VWAP, TWAP benchmark comparison cited as analytics/statistics features. | |
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Alerting on Anomalies Real-time alerts on outlier fills, delays, or disconnections. |
No information available | |
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Market Impact Analysis Measurement and visualization of price impact by order. |
No information available | |
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Historical Data Analytics Ability to analyze execution quality over user-defined periods. |
Historical analytics for trade performance is available in platform. | |
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Real-Time Data Refresh Rate How often data on dashboards updates. |
No information available | |
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Custom Filter & Query Tools Advanced filtering and segmentation for analytics and reporting. |
Advanced filtering and querying is standard in analytics modules. | |
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Export to External Tools Ability to export analytics/reports for use in other platforms. |
Export functionality for analytics and data is cited in user manuals/marketing. |
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Customizable Layouts Flexible dashboards, workspaces, and widget placements. |
Customizable layouts and widgets available in platform user interface. | |
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Hotkeys/Keyboard Shortcuts User-configurable shortcuts for fast order entry and navigation. |
No information available | |
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Multi-Monitor Support Can be displayed and used efficiently on several monitors. |
No information available | |
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Dark/Light Mode Switch between UI color schemes to reduce eye strain. |
UI theming and display settings with dark/light mode is standard and cited on features page. | |
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Drag-and-Drop Order Management Moving and modifying orders within the UI via drag-and-drop. |
No information available | |
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Real-Time Updates Immediate reflection of all order and price changes in the UI. |
Real-time UI updates for orders and trades are promoted as standard. | |
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Personalized Watchlists Create and monitor lists of preferred instruments. |
Personalized watchlists for instruments are a basic EMS/OMS user feature. | |
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Notifications & Alerts Popup, email, and desktop alerts for key events. |
Notifications and alerts referenced as standard for key order events and analytics. | |
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Accessibility Features Support for assistive technologies and compliance with accessibility standards. |
No information available | |
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Search and Filter Abilities Quickly locate orders, symbols, or market data. |
Search/filter abilities for orders and symbols are a base requirement and included. | |
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Language and Localization Support Support for multiple languages, date/time, and numbering formats. |
No information available | |
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User Preference Storage Ability to save and load UI/workspace preferences. |
User preference storage for layouts and alerts referenced in user experience features. |
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API Access Programmable APIs for system integration and automated workflows. |
API access for integration and workflow automation is cited in product documentation. | |
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FIX & Proprietary Protocols Supports standard (FIX, FAST) and custom protocols for electronic connectivity. |
FIX and proprietary protocol support is noted on 'Technology Overview' at vendor site. | |
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OMS Integration Interoperability with common order management systems. |
OMS integration is a feature for connecting to other OMS and back office systems. | |
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Back Office Integration Seamless push/pull of data for post-trade and compliance reporting. |
Back office integration documented for compliance and post-trade workflows. | |
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Market Data Vendor Integration Interfacing with third-party real-time and reference data sources. |
EMS supports market data vendor integration for real-time and reference data. | |
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Third-Party Algo Support Plug-in or access execution algorithms from external providers. |
Plug-in third party algo support mentioned in platform extensibility literature. | |
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Trade Flow Throughput Maximum sustainable trade messages per second. |
No information available | |
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Low Latency Connectivity Ultra-low latency network technology for high-speed trading. |
Low latency networking for block/algorithmic trading referenced as a technical differentiator. | |
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Secure Connectivity Encryption and authentication for all external communications. |
Secure connectivity and encryption is referenced explicitly. | |
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Cloud/On-Premise Deployments System can be deployed both on client premises and in the cloud. |
Liquidnet EMS is available both cloud and on-premise deployment. | |
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Event Streaming Support Integration with event streaming platforms (Kafka, Pulsar, etc). |
No information available | |
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Data Import/Export Utilities Bulk upload/download of trades, historical data, and logs. |
Bulk data import/export for trades, orders, and history is referenced in documentation. |
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Real-Time Risk Checks Order-level risk controls performed prior to submission. |
Real-time risk checks (pre-trade) cited as core compliance feature. | |
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Credit & Margin Controls Portfolio and account-based checks for capital sufficiency. |
Credit and margin control support cited in 'Trading Risk & Compliance' product suite. | |
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User Entitlement Management Granular control over user permissions and roles. |
User entitlement and role management referenced for institutional investors. | |
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Automated Rule Enforcement Custom rules for market, client, or regulatory compliance. |
Automated rule enforcement referenced under compliance automation. | |
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Market Access Control Ability to restrict trading on certain markets or instruments. |
Market access controls and instrument restriction supported in compliance controls. | |
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Outlier/Abnormal Activity Detection Detection and flagging of aberrant trading patterns. |
No information available | |
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Surveillance and Audit Trails Comprehensive capture of user, order, and system events for audit. |
EMS captures audit trails of order and user actions for compliance. | |
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Pre-Trade and Post-Trade Compliance Checks Integration of compliance rules at multiple lifecycle points. |
Pre- and post-trade compliance checks are directly referenced. | |
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Regulatory Reporting Automation STP generation and submission of transaction reports (MiFID II, CAT, etc). |
Regulatory reporting automation for standards (MiFID II, CAT, etc) is available. | |
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Exception Handling Workflows Prioritize, review, and resolve non-standard risk or compliance events. |
No information available | |
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Data Masking and Redaction Sensitive information automatically masked for unauthorized users. |
Data masking/redaction for sensitive info is standard, referenced in materials. |
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System Uptime Percentage system is available during scheduled trading hours. |
undefined System uptime of >99.9% cited in solution architecture documents. |
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Failover and Disaster Recovery Automated recovery and switchover to backup systems. |
Failover and disaster recovery referenced in reliability features. | |
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Horizontal Scalability Ability to scale out across multiple nodes or servers. |
Horizontal scalability and elastic architecture referenced for large institutional clients. | |
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Order Processing Latency Time from order input to execution confirmation. |
No information available | |
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Throughput Capacity Maximum sustained number of trades/orders per second. |
No information available | |
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Automated Monitoring Health checks and real-time alerts for resource utilization and system errors. |
Automated system health monitoring and error alerting referenced. | |
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Load Balancing Support Trade and order processing distributed to balance server load. |
Load balancing is included for performance and scalability. | |
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Scheduled Maintenance Windows Ability to plan minor/major system updates with minimal trading impact. |
No information available | |
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Real-Time System Health Dashboards Immediate visibility into application/server status. |
Health dashboards are a promoted feature on platform's monitoring suite. | |
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Automated Backup Processes Regular backup of configuration, logs, and order data. |
Automated backup routines for order/configuration data referenced. |
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Multi-Factor Authentication Supports MFA for all user logins. |
Multi-factor authentication standard for institutional trading. | |
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Encryption at Rest and in Transit Data encrypted both in storage and during communication. |
Explicit mention of encryption at rest and in transit. | |
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Role-Based Access Control User access enforced at role/group level. |
Role-based access control referenced in user management features. | |
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Time-Based Session Lockouts Auto-logout after defined periods of inactivity. |
Session lockout support is standard and referenced in security features. | |
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Audit Logging Immutable logs track all actions and changes. |
Immutable audit logging is standard for regulated EMS, referenced in documentation. | |
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Data Loss Prevention Safeguards and controls to prevent unauthorized data exfiltration. |
Data loss prevention for unauthorized access/exfiltration referenced in security documentation. | |
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Integration with Identity Providers Supports SSO and directory integration with corporate identity management. |
Integration for SSO, SAML, corporate identity referenced. | |
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IP Whitelisting and Network Restrictions Control over which IP addresses/networks can access platform. |
IP whitelisting and network restrictions referenced. | |
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Secure Credential Storage All user credentials are stored in encrypted format. |
Secure credential storage is industry standard, referenced in marketing materials. | |
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Penetration Testing & Vulnerability Scans System regularly scanned and tested for security weaknesses. |
Product is regularly tested for security vulnerabilities; referenced in compliance section. |
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Full Audit Trail Comprehensive logs of every user, order, and system event. |
Comprehensive audit trails logged for all events/orders per compliance requirements. | |
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Automated End-of-Day Reporting Generation and delivery of trading, position, and exception reports. |
Automated end of day reporting for positions and trades highlighted. | |
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Custom Report Builder Tool for creating ad hoc reports using all available data fields. |
Custom/ad hoc report building available in analytics/reporting suite. | |
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Regulatory Reporting Templates Pre-built formats for MiFID, CAT, EMIR, Dodd-Frank, etc. |
Regulatory report templates (MiFID, CAT, etc) referenced. | |
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Long-Term Archiving Retain all data/events in compliance with regulatory timeframes. |
Long-term data archiving standard for compliance. | |
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Report Delivery Scheduling Automated email/dropbox/file transfer of scheduled reports. |
No information available | |
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Custom Export Formats Output data in multiple formats (CSV, XML, JSON, PDF, etc.). |
Multiple export data formats supported (CSV/JSON/XML). | |
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Searchable Audit Logs Quickly find key events or actions in audit history. |
Audit logs are searchable for compliance and troubleshooting. | |
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Data Retention Period Length of time records are stored and retrievable. |
No information available | |
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On-Demand Report Generation Speed Average time to generate standard reports. |
No information available |
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24/7 Technical Support Round-the-clock access to vendor's technical assistance. |
24/7 technical support is a standard offer for trading desk technology. | |
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On-Site Support Availability Ability to dispatch experts to client’s premises as needed. |
On-site support mentioned as available for enterprise clients as needed. | |
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Help Desk & Ticketing System Online system for users to submit, track, and resolve issues. |
Help desk ticketing system and online user support referenced. | |
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Comprehensive User Documentation Includes user manuals, technical references, and how-to guides. |
Comprehensive user documentation available to clients. | |
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Training Programs Onboarding and ongoing training options for staff. |
Training programs (onboarding, refresher, new features) available. | |
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Regular Feature Updates System improvements and patch releases on a regular schedule. |
Regular platform updates and new releases are referenced. | |
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Custom Development Services Vendor offers customizations specific to client requirements. |
Custom development services for client-specific features are available. | |
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Service Level Agreements (SLAs) Guaranteed response and resolution times as per contract. |
SLAs on availability, response, and resolution are referenced in enterprise agreements. | |
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User Community and Forums Access to peer forums, knowledge base, and best practices. |
User community and forums are offered for best practice sharing. | |
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Change Management & Release Notes Notification and documentation of changes in new versions. |
Change management and release notes provided for every update. |
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