ARQA OMS* (order management system) performs the full cycle of clients’ order management including order entry, processing, routing, trading, reporting and client STP. The system meets the requirements of broker dealers in servicing institutional as well as retail clients. The system supports equities, fixed income, FX instruments and futures.
ARQA OMS consists of three software products: OMS Manager Module, Broker Quotation System and Algorithmic Trading Module. The core of the system is OMS Manager Module that automates interaction of its users via GUIs with adjusted settings. Broker Quotation System facilitates OTC trading. Algorithmic Trading Module allows execution of OMS-orders by way of algorithms available in the module.Being part of a multifunctional QUIK OEMS, the system makes use of risk management functionality and connectivity available in QUIK. ARQA OMS may operate in conjunction with a QORT product — midQORT that serves for position keeping beyond a trading day, P&L calculation and reporting.
Provision of client services in ‘Sales&Trading’ mode.
Provision of clients with OTC trading in various instrument.
Order management and routing
- OMS order database (global order warehousing).
- Pre-trade control of OMS orders, freezing the client’s position on OMS order registration and remitting cash on booking (i.e. cash/asset transfer to/from client’s account).
- Books delegation and order transfer between Traders.
- Configurable interaction schemes between Sales and Traders.
- Various order types – House and client OMS orders, limit, market, Good-till-date, Good-till-cancel and algo orders.
- Monitoring and care order management — split, parent and child orders.
- Various options for OMS order execution — on-exchange; off-exchange; via algos; via execution broker’s platform; via external algo-machine; via another OMS.
- One ARQA OMA installation servicing several legal entities.
- Market data via direct QUIK interfaces to Russian (MOEX, SPBEX, SPIMEX) and international (CME, Eurex, LSE (equity and derivatives), Turquoise and WSE) trading venues.
- Feeds are available via QUIK solutions from market data vendors Bloomberg, Interactive Brokers, Nanex, QuantHouse, SunGard (FIS) and Thomson Reuters.
Trading and processing
- On-exchange and OTC execution, execution via QUIK Algo Module or external algo machines.
- Setting up OMS classes for instruments with different trading and settlement rules and for management of user rights as to various instruments.
- Selection of a fully automatic execution mode for all OMS orders or a mode whereby a Sales person or Trader select an execution option (including automatic).
- Limit checking on user and client code level (by counterparty, available cash, instrument positions).
- ‘Fat finger’ control — size, price deviation, black list of instruments. Application of ‘strict’ and ‘soft’ restrictions.
- Trade audit and data archiving.
- Inbound and outbound integrations with external systems via FIX — execution broker platforms, post-trade broker platforms, clearing and settlement systems.
- Integration with client order collection systems (Bloomberg TSOX), broker networks (Bloomberg EMSX, Sungard Global Network), off-exchange trading venues (Bloomberg TSOX), other OMSs (Bloomberg AIM, TOMS и SSEOMS, Fidessa, QUIK (OMS2OMS), ULLINK).
- Client — order submission (by voice, e-mail, FIX, or from QUIK Workstation). WheClients forward OMS orders from QUIK Workstation, they can change, cancel and review them in tables of OMS orders and trades. A FIX client and Trader may interact directly via FIX connection by means of FIX adapter program interface.
- Sales — order registration, booking, tracking, change, recall and return for execution; fees and commissions setting; client reporting. Orders with incorrectly filled parameters are accepted and handled on exception basis.
- Trader — care order management; on-exchange, OTC and algo execution. It is possible to combine the roles of a Sales person and Trader for one sole user.
- Middle officer — access to any information and any operation, exclusive rights to change and cancel past OTC trades.
- Special forms based on standard ones for QUIK Workstation are used to work with OMS orders and trades for Clients, Sales and Traders.
- ‘Hot keys’ designed for easy processing of OMS orders.
- Internal system of alerting Clients, Sales, Traders on events relating to status change of OMS orders and trades.
Client form for OMS order:
Sales/Trader form for OMS order:
Hardware and software requirements
Processor Intel Xeon E5504 or better.
2 GB RAM.
50 GB available hard disk space.
OS Windows 2008/2012/2016 Server x64.
DBMS Microsoft SQL Server 2008/2012/2014/2016.
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