ReformIS were asked to provide business analysis resources and specialist product knowledge to deliver the pilot solution for a global Order Management System (OMS), using a market leading vendor product.
The project was initiated as part of a global IT application review. It was envisaged that the project solution would enable our client to deliver a modern, industry leading platform for consistent deployment of OMS functionality around its offices worldwide. The initiative also had backing from the main global business areas; where the Global Equity group and the Global Fixed Income Risk Management Steering Committee had identified a requirement for a global trading platform as a core part of their long-term strategy. There was also pressure from a recent draft audit report that recommended that our client upgrade its compliance monitoring to a consistent standard globally.
The proposed global OMS Suite covered four major areas of functionality:
- Order generation
- Order management
- Pre and post trade compliance
- Support of the post-execution, trade notification and settlement processes
An early project decision was made to use a pilot implementation of the OMS solution in London as the starting point for a wider future global rollout. The pilot deployed the fully integrated suite of OMS product components, including; manager workbench, compliance engine and trading blotter, plus post-trade processing functionality. The client’s Enterprise Data Management solution, Golden Source, provided reference data, and portfolio positions were supplied via an in-house corporate trading system and Positions and Benchmark repository.
The objectives of the Pilot were to:
- Establish compliance and client guideline rules to support pre-trade guideline checks
- Identify and validate business requirements in respect of Order Management and Dealing
Define and implement all required supporting interfaces to and from the OMS and other upstream or downstream applications in order to support required data and transaction flows
- Evaluate the potential to retire existing applications, hardware and licenses supporting the existing OMS landscape
- Evaluate the potential to rationalise processes and re-deploy personnel
- Develop optimised business processes to fully leverage the full suite of functionality within the OMS product
Deploy a market leading OMS application, allowing business resources to focus on adding value and devote more time to monitoring markets and best execution
Allow Compliance to create and deploy more complex compliance rules to satisfy increasing client and complex security demands
Provide further automation of the post execution process, an ability to provide for an exception driven process, and flexibility to utilise multiple confirmation systems
Reduce cycle times for order creation, transmission, execution, allocation, exception detection and error correction