Why do I require a modular trading Order Management System within my wealth management organisation
In order to understand why you would require an advanced trade order management system, you have to start looking at your software systems architecture to realise what benefits a modular trade OMS can really do for you.
Let’s start with what a trade OMS is meant to be. A Trade Order Management Systems (OMS) is a software platform designed to streamline and automate the process of buying and selling your clients financial assets. These systems provide traders with a centralized place to manage and execute trades, helping to improve efficiency, reduce errors, and increase profitability.
Here are a few key benefits of using a quality trade OMS:
1. Streamlined Workflow: A trade OMS can help streamline your trading processes by automating routine tasks such as trade entry, risk management, and trade execution. This reduces the manual effort required to execute orders, freeing up time for traders to focus on more strategic tasks.
2. Improved Accuracy: With a trade OMS, traders can enter trade orders directly into the platform, reducing the risk of manual errors and ensuring that trades are executed as intended. The system can also be configured to perform real-time risk management checks to help minimize potential losses.
3. Increased Visibility: A trade OMS provides traders with a centralized view of all trades, enabling them to monitor their portfolio and track the status of trades in real-time. This increased visibility helps traders make informed decisions and respond quickly to changes in market conditions.
4. Better Compliance: A trade OMS helps traders meet regulatory requirements by automating the compliance process. The system can be configured to perform real-time checks to ensure that trades comply with regulations such as best execution, reporting, and risk management.
5. Cost Savings: By automating routine tasks, a trade OMS can help reduce the costs associated with executing trades. The system also provides traders with a centralized platform for managing trades, reducing the need for multiple systems and increasing operational efficiency.
What and why a Modular OMS? As a wealth manager, it’s extremely likely you already have a PMS (Portfolio Management System). Its also extremely likely this PMS has a basic OMS built in with the possibility it can fill an order within FIX but is that really enough for a growing institution who is not a start-up, but also not a large bank with hundreds of systems linking together with high overheads. A modular OMS will provide your clients, your investment management teams, your relationship managers and your traders with a system that will truly provide that streamlined workflow you’ve always been looking for. Modular means scrapping that un-flexible, unusable OMS system that attached itself to its in-system PMS as a tick box exercise to tell clients they have an OMS. You no doubt require a serious system to really provide that full workflow environment between adding, executing, and completing orders, by providing that front-end application for your current PMS. A modular styled OMS will allow feeds from multiple sources, provide analysis on data it holds and send orders from completed into trades but the true beauty, is that a modular OMS can also export trades to multiple sources.
In conclusion, a modular trade OMS is your valuable tool for improving your efficiency, accuracy, and profitability. Dashro provides an outstanding solution to your basic, bog-standard order management solution which has been used by our clients for years and have proven sustainability within the financial industry.
Contact us at email@example.com to find out more about how we can help you increase your work productivity and stream-line your in-house processes.
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