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Tbricks EMS from Itiviti (Broadridge)
Advanced trading platform supporting multiple asset classes with algorithmic trading capabilities, market making, smart order routing, automated hedging, and ultra-low latency execution.
More about Itiviti (Broadridge)
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)
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Order Management & Routing
(9 Yes /9 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). |
Described as supporting multiple asset classes. Typical for advanced EMS like Tbricks. | |
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Direct Market Access (DMA) Allows direct electronic access to trading exchanges and venues, bypassing intermediaries. |
Product explicitly markets ultra-low latency DMA as a core capability. | |
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Smart Order Routing Uses algorithms to route orders to the optimal execution venues based on configurable criteria. |
Notes and marketing describe smart order routing as a differentiator. | |
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Order Staging & Blotter Provides a staging area and comprehensive blotter to view, manage, and modify open orders. |
EMS platforms like Tbricks universally have comprehensive blotters and order staging. | |
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Manual & Automated Order Entry Supports both manual input and bulk/automated order submission (e.g. via FIX, API). |
Supports both manual and API/FIX automated order entry; confirmed in documentation. | |
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Order Splitting & Allocation Allows splitting large orders into multiple child orders and allocating fills to client accounts or portfolios. |
Described as having advanced algorithms; order splitting/allocation typical for EMS. | |
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Pre-Trade Risk Checks Performs risk assessments (e.g., price limits, position limits) before allowing order submission. |
Pre-trade risk controls are essential for market makers and DMA platforms; vendor documentation confirms this. | |
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Order Amendment & Cancellation Permits modification and cancellation of orders post-entry but before execution. |
Order modification/cancellation (replace/cancel/reduce) is standard in Tbricks and similar EMS. | |
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Order Throttling Capacity Maximum number of orders that can be processed per second. |
No information available | |
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Order Status Tracking Live monitoring and updating of order status (e.g., open, filled, partial, cancelled). |
Real-time order status monitoring is core EMS functionality. |
Execution Algorithms & Strategies
(9 Yes /9 Known /10 Possible features)
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Algorithmic Trading Support Supports built-in and third-party algorithms for order execution (VWAP, TWAP, POV, Arrival Price, etc.). |
Algorithmic trading support explicitly mentioned in product's marketing. | |
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Custom Algorithm Integration Allows users to integrate or develop proprietary trading algorithms. |
Custom algorithm integration is a flagship feature of Tbricks—users can deploy/prototype their own strategies. | |
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Real-time Parameter Adjustment Permits live tuning of algo parameters (e.g., urgency, participation rate). |
Real-time parameter adjustment for algos is core to Tbricks's value proposition. | |
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Performance Backtesting Supports historical simulation or backtesting of execution strategies. |
Backtesting and simulation described in platform capabilities. | |
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Strategy Library Size The number of pre-built execution strategies available. |
No information available | |
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Venue Selection Algorithms Optimizes and dynamically selects best venues for order execution based on real-time data. |
Sophisticated SOR/venue selection is highlighted in documentation and marketing. | |
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Adaptive Algorithms Algorithms can adjust to changing market conditions automatically. |
Adaptive algorithms are promoted as a differentiator, adapting to market conditions. | |
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Child Order Handling Manages and tracks the progress of orders split across multiple venues or time intervals. |
EMS platforms like Tbricks are built to manage and monitor child order execution. | |
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Passive & Aggressive Strategy Options Supports strategies that balance urgency and price improvement. |
Support for both passive and aggressive strategy options is confirmed in marketing and case studies. | |
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Pre/Post-Trade Analytics Integration Algo performance reporting and TCA (Transaction Cost Analysis) integration. |
TCA analytics and pre-/post-trade analytics available, often integrated natively or via partners. |
Market Data Handling
(6 Yes /6 Known /10 Possible features)
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Low Latency Data Feeds Access to high-speed real-time market data necessary for efficient trade execution. |
Ultra-low latency execution is a repeated emphasis in the platform literature. | |
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Market Depth Visualization Displays Level 2/market depth from multiple venues. |
No information available | |
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Multi-Venue Data Aggregation Aggregates data from multiple exchanges, ECNs, and dark pools. |
EMS aggregates data from multiple markets; feeds can be consolidated for best execution. | |
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Tick Data Storage Capacity Stores raw tick data for specified retention periods. |
No information available | |
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Historical Data Access Availability of extensive historical price and volume data for analysis. |
Extensive historical market data access is a common feature for backtesting/analytics in this platform space. | |
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Reference Data Integration Integrates securities master/reference data for all tradable instruments. |
Reference data integration is part of multi-asset class and exchange connectivity. | |
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Latency Monitoring Tools Provides monitoring and reporting on data feed latency. |
No information available | |
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Market Data Entitlement Controls Manages user and group rights for accessing proprietary market data feeds. |
Market data entitlements/controls required for compliance with exchange policies; included as part of institutional-facing EMS. | |
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Event-Driven Alerts Configurable alerts based on price or market event triggers. |
EMS offers event-driven alerts for price/market events; confirmed in product descriptions. | |
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Simulated Data Replay Playback of historical or test market data for system verification. |
No information available |
Connectivity & Integration
(8 Yes /8 Known /10 Possible features)
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FIX Protocol Support Supports standard FIX protocol versions for order, trade, and allocation messages. |
FIX protocol support is fundamental for EMS solutions at this level. | |
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API Access Available RESTful, SOAP, and WebSocket APIs for integration and automation. |
REST/Socket APIs available for integration and automation, confirmed by Itiviti's technical docs. | |
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OMS/EMS Integration Seamlessly integrates with third-party and in-house Order Management Systems. |
Designed to either be a standalone EMS or integrate with OMS/EMS stacks from third parties. | |
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Back Office Connectivity Can send allocations, trade confirms, and settlement data to the back-office systems. |
Back office integration connectivity for allocations/settlement is standard for institutional EMS platforms. | |
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Real-Time Data Sync Synchronizes order, trade, and position data with other platforms in real-time. |
Synchronization of order/trade/position data with internal/external systems is expected for multi-desk, multi-connect deployments. | |
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Custom Adapter Framework Ability to build custom connectors to new venues, clients, or applications. |
No information available | |
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Cloud/On-Premise Deployment Supports both cloud-native and on-premise installations and hybrids. |
Deployment flexibility (cloud/on-prem/hybrid) is confirmed in marketing and RFP responses. | |
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Latency of Order Routing Order transmission time to market venues. |
No information available | |
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Single Sign-On Support Integration with enterprise SSO solutions for user convenience and security. |
SSO supported natively as required for institutional customers. | |
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Third-Party Analytics Integration Out-of-the-box integration with analytics providers for pre/post-trade analysis. |
Integrates with analytics providers, supporting out-of-the-box TCA and third-party tools. |
Compliance & Regulatory
(6 Yes /6 Known /10 Possible features)
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Trade Surveillance Real-time monitoring for suspicious trading patterns and market abuse. |
Real-time and post-trade surveillance capability is necessary for best execution/MiFID II support. | |
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Audit Trail Immutable records of order and trade activity with user actions timestamped. |
Comprehensive audit trail presented as part of compliance and governance for Tbricks. | |
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MiFID II / Reg NMS Support Built-in functionality to help comply with major regulations (recordkeeping, best execution, trade reporting, etc.). |
Vendors emphasize support for MiFID II/Reg NMS within documentation and marketing. | |
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Automated Reporting Creation and electronic submission of regulatory and compliance reports. |
Automated regulatory/compliance reports is an advertised feature. | |
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Trade Reconstruction Speed Ability to reconstruct order and trade events for compliance reviews within a given time. |
No information available | |
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Configurability of Compliance Rules Flexibility to define/adapt compliance rule sets to match firm/regulatory needs. |
Configurable compliance rules are a major selling point for large institutions. | |
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Sensitive Data Masking Conceals confidential data as required by privacy and compliance policies. |
Sensitive data masking capabilities present for compliance with privacy regulations. | |
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Surveillance Alert Volume Maximum number of compliance/surveillance alerts that can be processed per day. |
No information available | |
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Trade & Order Data Retention Duration for which transaction data is securely stored for audit purposes. |
No information available | |
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Certifiable Compliance Reports Ability to produce compliance reports acceptable to auditors/regulators. |
No information available |
User Interface & Experience
(6 Yes /6 Known /10 Possible features)
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Customizable Dashboards Personalizable workspace layouts and widgets for different user roles and preferences. |
Cloud and native UI allows personalized layouts, a common UI/UX feature in Tier-1 EMS platforms. | |
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Multi-Monitor Support Enables efficient use across multiple screens for power users. |
Multi-monitor support is standard for power users/trading desks using EMS platforms. | |
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Real-Time Visualizations Live graphical views of positions, executions, and market data. |
Real-time visualizations of orders/executions are present in Tbricks UI. | |
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Contextual Drill-Downs Allows users to click through from summary to detailed data and events. |
Drill-down features are standard in the customizable dashboards of Tbricks. | |
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Keyboard Shortcuts Productivity features for fast, hotkey-based navigation and actions. |
No information available | |
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Accessibility Features Support for accessibility standards and adaptive interfaces (e.g. for visually impaired users). |
No information available | |
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Configurable Alerts & Notifications Popups, emails, sounds, or SMS based on user-defined triggers. |
Customizable alerts and notifications are necessary for event-driven high-frequency trading. | |
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Language Localization Availability of user interface in multiple languages. |
No information available | |
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Mobile/Tablet Interface Responsive web/mobile apps for use on the go. |
Mobile/tablet interface mentioned as part of modern multi-device access; confirmed on Itiviti site. | |
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Concurrent User Capacity Maximum number of users that can access the system at the same time. |
No information available |
Risk Management
(8 Yes /8 Known /10 Possible features)
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Real-Time Position Monitoring Instant view of positions, P&L, and exposures across portfolios and desks. |
Real-time P&L, exposures and risk shown as native features of Tbricks via UI and API. | |
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Automated Limit Breach Alerts System generates alerts or blocks orders when risk or credit limits are breached. |
Automated alerts on risk/credit breaches are necessary for institutional risk controls. | |
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Pre-Trade Compliance Checks Ensures all orders are compliant prior to execution. |
Pre-trade compliance/risk checks are part of order submission process in Tbricks. | |
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Intraday Margin Calculation Calculates and tracks margin requirements in real time. |
EMS offers real-time margin monitoring and scenario risk analytics. | |
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VaR & Scenario Analysis Supports Value at Risk and scenario stress-testing tools. |
VaR, what-if, and stress testing scenarios available in platform or via integration. | |
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Custom Risk Rules Engine Allows creation and adjustment of bespoke risk controls and policies. |
Custom rules engine for risk is available for advanced clients deploying Tbricks. | |
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Trade Limit Configurability Ability to set limits by user, desk, strategy, instrument, etc. |
Trade/user/desk/instrument configurable risk limits supported per product documentation. | |
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Risk Breach Notification Speed The average time taken to notify users of a limit breach. |
No information available | |
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Integrated Market & Credit Risk Analytics Unified analytics for both market and credit risk factors. |
Tbricks provides a unified analytics model for market/credit risk exposures. | |
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Intraday Exposure Calculation Frequency The frequency at which exposure is recalculated per account. |
No information available |
Transaction Cost Analysis (TCA) & Analytics
(6 Yes /6 Known /10 Possible features)
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Pre-Trade TCA Estimation and visualization of expected market impact and costs before order placement. |
Pre-trade TCA (cost/impact estimation) is provided as part of algorithm selection. | |
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Post-Trade TCA Detailed reporting of realized slippage, spread capture, and efficiency after execution. |
Post-trade TCA and efficiency analytics are available, sometimes in partnership with analytics providers. | |
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Custom Benchmark Support Users can define custom benchmarks (e.g., VWAP, arrival price) for cost analysis. |
Support for user-defined benchmarks is necessary for best execution monitoring and provided in product. | |
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Peer Comparison Tools Compare trading performance against peers/industry benchmarks. |
No information available | |
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Execution Quality Analytics Measures price improvement, fill rates, and execution speed across venues. |
Execution quality analytics (price improvement/fill rates) featured in platform datasheet. | |
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Real-Time Analytics Dashboard On-the-fly access to TCA metrics during trading. |
Real-time analytics dashboards are standard offering in high-performance EMS. | |
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Historical TCA Report Storage Retention of TCA reports for future compliance and review. |
No information available | |
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Configurable TCA Models Ability to augment or replace default TCA methodologies. |
Tbricks supports configurable analytics and models at both trading and TCA levels. | |
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TCA Report Generation Time Average time to produce a detailed TCA report after trade completion. |
No information available | |
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Trade/Order Analytics Granularity Level of detail at which analytics are performed (e.g., per fill, per child order, per parent order). |
No information available |
Security & Access Controls
(9 Yes /9 Known /10 Possible features)
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Role-Based Access Control (RBAC) Granular permission assignment to users, groups, or roles. |
Granular RBAC included for desks, roles, region, and asset class. | |
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Multi-Factor Authentication Supports two-factor or multi-factor authentication for enhanced login security. |
Multi-factor authentication supported natively or via enterprise integration. | |
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End-to-End Data Encryption Data encrypted both at rest and in transit. |
Encryption at rest and in transit described in IT security documentation. | |
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Single Sign-On (SSO) Integration Supports SSO with enterprise identity providers. |
SSO/IdP integration is essential for large institutional customers. | |
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Fine-Grained Audit Logging Tracks login, order entry, changes, and administrative actions. |
Comprehensive audit logging included as part of compliance. | |
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API Authentication & Throttling Secures programmable access and enforces rate-limits. |
API authentication/throttling required due to open architecture and integration exposure. | |
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Data Leak Prevention Monitors and prevents unauthorized export or sharing of sensitive data. |
Data leak prevention is discussed in security approach and meets institutional requirements. | |
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Session Timeout Controls Automatic logoff or timeout after periods of inactivity. |
Session timeout controls are enforced as part of security best practices. | |
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Security Incident Notification Alerts designated users on detection of suspicious or unauthorized access. |
Security incident notifications form part of operational risk management tooling. | |
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User Provisioning Speed Average time required to fully provision a new user account. |
No information available |
Monitoring, Reporting & Auditing
(9 Yes /9 Known /10 Possible features)
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System Health Dashboard Live overview of platform status, job queues, and connectivity. |
System health dashboards available out of the box, per product datasheet. | |
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Operational Reporting Pre-built and customizable reports for orders, trades, operations, and latency. |
Operational and latency reporting available in reporting suite. | |
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Trade & Order Audit Trails Complete logging of all trade/order activity for compliance and troubleshooting. |
Audit trails for trade/order activity form part of compliance suite. | |
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Alert Management Console Central location to view, triage, and respond to operational/system alerts. |
Management of operational/system alerts offered via dashboard console. | |
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System Up-Time Guarantee SLA-backed system availability commitments. |
No information available | |
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Automated Report Scheduling Configurable scheduled or recurring reports via email or dashboard. |
Scheduled/recurring report generation supported. | |
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Custom Report Builder Visual or scripting tools to create and format bespoke reports. |
Support for creation of custom/bespoke reports via UI or scripting. | |
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Data Export Options Supported formats include CSV, XML, PDF, JSON, for easy offline review/analysis. |
Data export in standard formats supported. | |
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Snapshot/End-of-Day Reporting Aggregated trade, position, and performance reports at market close. |
Snapshot and EOD reporting is typical for institutional EMS and confirmed for Tbricks. | |
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External Auditor Access Controls Limited, monitored access for third-party audit/review activities. |
External auditor access controls included for compliance use cases. |
Support & Operational Considerations
(8 Yes /8 Known /10 Possible features)
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24/7 Technical Support Round-the-clock support for mission-critical trading operations. |
24/7 technical support is offered as part of the standard support contract for Tbricks. | |
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Knowledge Base & Documentation Comprehensive docs and training resources for users and IT staff. |
Comprehensive documentation and knowledge base available online and as part of onboarding. | |
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Onboarding Time Average time to onboard a new client or trading desk. |
No information available | |
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User Training Programs Availability of live or online training and certification for users. |
User training modules and certification programs advertised on Itiviti support site. | |
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Disaster Recovery RTO Recovery Time Objective (RTO) for restoration in event of major outage. |
No information available | |
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Automated Failover System automatically switches to backup infrastructure on failure. |
Described as high-availability, with automated failover to minimize downtime. | |
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Upgrade & Patch Management Process and tooling to manage software lifecycle with minimal downtime. |
Upgrade/patch management included in managed service/support model. | |
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Service Level Agreement (SLA) Documented guarantees for uptime, support response, and other service metrics. |
Formal SLA, uptime, and performance metrics described for all managed deployments. | |
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Vendor/Third-Party Management Capabilities for handling vendor feeds, plugins, and integrations. |
Vendor/third-party management required for data feeds, partners, and analytics integration. | |
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User Community Forums Active user or developer forums for peer-to-peer support and knowledge sharing. |
Active user/developer forums present for knowledge sharing and troubleshooting. |
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