Order Management
Streamline your trading activity with a single integrated order management solution. With our tailored user interfaces, retail and institutional traders seamlessly connect with multiple brokers to route equity and derivative orders to multiple markets and destinations.
Integration with the IRESS equity information system makes the IRESS Order Systems (IOS) a complete trader workspace, from pre-trade market analysis through to electronic trade confirmation.
Features
- Highly configurable order filters
- Order and trade alerts
- Dedicated operator order management
- Detailed order audit trails
- Customisable order entry prompts
- Dedicated operator trading environment
- Streamlined administration functions
- Multi-markets support
- ‘At risk’ and ‘Not at risk’ destination support
- Back-office integration through FIX
- High scalability and redundancy
- Hot swap in case of hardware failure
Filters & Limits
Comprehensive filters and limits management capabilities combine with extensive operator functionality to facilitate fast order processing and to support bulk order processing.
Flexible limits are set at the user and account levels to allow and deny direct-to-market orders based on a selection of order properties. Orders denied market access can filter through an authorisation process, or be automatically modified to use the match price rather than the current bid, ask or last, during the market match. Limits can also be set per user for exchanges, security price ranges and exchange trading phases.
Regardless of how an order is placed in the market, if the broker cross reference details are correct, the order is instantly visible in IOS for all users with access to the account.
Institutional Trading
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IOS Institutional
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Brokers tailor the order flow for each institutional client according to the relationship and the needs of both parties. This may mean giving the fund manager direct market access (DMA), or it may be that the fund manager sends orders to the broker so that the broker can ‘work’ them into the market.
Fund managers can view indicative orders from all their brokers, and consolidate the orders by security or broker.
Features
- Institutional order flow
- Connectivity with multiple IOS brokers
- Order routing to multiple markets
- Order routing to FIX
- Indications of interest (IOIs)
- Bookings and allocations
- ETCs (electronic trade confirmations)
- Algorithmic/strategy trading.
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Retail Order Management
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IOS Retail
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IOS Retail caters to the Financial Services Reform Act (FSRA). All information relevant to the receipt and subsequent placement of an order is captured when orders are created. All advice can be viewed and incorporated into reports at a later date.
Margin lenders and CFD (Contracts for Difference) providers can set limits and maximum positions for each security, including short sell and trading availability.
Accounts can be set to check against portfolio cash, holdings and option margins.
Features
- Full FSRA capabilities
- Secure and efficient order management between advisors and operators
- Complete client details management
- Portfolio management and reporting
- Back office integration
- Fully compliant electronic order entry into multiple markets
- Straight through order processing; including integration with GBST and CMS
- Audit trailing and compliance reporting
- Trading in CFDs and margin lending.
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Operator Tools
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IOS for Operators
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Operators can choose to work in one of two modes:
- Operator Pad
A dedicated command in which operators can clearly see which orders need to be worked into the market versus those they are already working.
In this command, operators can choose to automatically authorise orders based on their own criteria, or manually work the orders into the market, modifying them as necessary.
- Operator Trading System (OTS)
OTS is a keystroke driven environment in which operators create, modify and delete orders. OTS is a familiar interface for STW (SEATS Trader Workstation) users.
The OTS layout supports rapid access to depth and quote information and trading functionality. It is widely used by brokers for fast order input and operator order management.
Downloads
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Need more information?
For more information about the IRESS Order Management solutions, please contact us.