Flextrade has rolled out an enhanced version of its multi-Order Management Systems (OMS) aggregation functionality, an in-built feature of the FlexTrader EMS, which allows users to merge and net orders across multiple OMS regardless of the underlying version or implementation.
Along with the ability to dynamically merge orders within and across OMS, FlexTrader provides configurable allocation logic with several out-of-the-box rules, including LIFO, FIFO, pro-rata and optimal average pricing. It can also be configured per-market and per asset class, based on any order attribute in the system, the firm says, adding, “This flexible approach to merging and order routing ensures optimal access to liquidity and fair execution allocation by factoring in broker restrictions per order and time of merging orders to an existing block.”
With MiFID II legislation coming into effect in just under two months, ensuring “all sufficient steps” have been taken to achieve best execution is now top priority for all asset managers. Aggregation across multiple OMS works in combination with FlexTrade’s MiFID II APA integration to ensure any trade reporting obligations are catered for in the FlexTrader EMS in real-time.
“With a number of major asset manager mergers over the past few years bringing together a variety of OMS technologies, we have seen a surge of interest in FlexTRADER’s unique abilities in cross-OMS order aggregation,” says Oliver Boatfield, EMEA sales director at FlexTrade UK.