Vijay Kedia, President and CEO, FlexTrade: "FlexTrade's proven expertise in low latency, high volume trading on the execution side enabled us to build a homegrown OMS that can stand alone or be configured to run as a fully integrated front to back solution with FlexTRADER or other in-house EMS platforms."
FlexTrade Systems Inc has announced that Weeden & Co. LP has replaced its OMS platform with FlexOMS, FlexTrade's new sell-side order management system.
By implementing FlexOMS, Weeden is deploying a cutting edge, end-to-end order management solution that combines and streamlines the trading process between buy-side clients and execution venues, thus allowing them to manage firm-wide risk and optimize their trading workflow with significant performance and cost improvement.
"As Weeden's business model evolves from traditional high touch to a combination of high touch and no touch algorithmic trading, such as our industry leading ONEPIPE product, we needed to partner with an industry leader in the high volume, high throughput, and low latency OMS space. By integrating our proprietary front end trading technology with FlexTrade's back office OMS technology, we now have a state-of-the-art front to back solution to help service our clients," said Amit Chatterjee, Managing Director and CIO of Weeden & Co.
"We are very excited about this rollout," said Vijay Kedia, president and CEO of FlexTrade. "It's no secret that the market for trading technology is rapidly changing. As the sell-side transaction processing needs have grown exponentially with algorithmic trading and DMA, FlexTrade's proven expertise in low latency, high volume trading on the execution side enabled us to build a homegrown OMS that can stand alone or be configured to run as a fully integrated front to back solution with FlexTRADER or other in-house EMS platforms."
Designed to augment the sell-side functionality of FlexTrade's suite of trading solutions, FlexOMS is comprised of three primary components, including:
* Comprehensive management of all types of customer orders over their entire life-cycle.
* Configurable allocation module that supports automatic as well as manual matching.
* All-inclusive risk and position monitoring.
* Real-time reporting to FINRA/NASDAQ Trade Reporting Facility (ACT).
* A full suite of trading ledger and compliance reports, OATS and DPTR.
* Fully redundant solution for business continuity.
* Seamless integration with the FlexTRADER EMS.
* Flexible interface to integrate with any in-house EMS.
* Can be hosted or installed locally.
* Corporate action processing.
* MTD and YTD position and P&L maintenance, interface to multiple clearing systems, historical data manager.
* Two-sided quoting with the national market system (NMS).
* Enforcement of Limit Order Display and Limit Order Protection rules when handling retail orders.
* Enforcement of Short Sale rules and Affirmative Determination Rule.
* Implementation of execution rules when handling retail orders, such as Limit Order Display and Short Sells.
* Compliance and Manning rules as specified by the NMS.
* Integrated rules and algorithmic engine for better control over trading process and risk.
* Persistence in FlexOMS database for custom reports and archiving.
* Integration with customers' in-house data warehouse.