Quote Order Execution Management System (QOEMS)

Our QOEMS platform has a variety of functionality for either buy-sides or sell-sides firms wanting to manage their:

1. Internal Quote management internally within a sell-side firm.
2. External Quote management from sell-side to buy-side clients.
3. Order & Execution management including real-time Trade Cost Analytics (TCA).

Our QOEMS solution supports multiple asset classes and is available via the web, mobile and/or rich client applications. The internal quote management functionality provides fully audited and state management of quotes before they turn into an actual executable order. Multi-asset class quote and order management is becoming increasingly important to support the requirements in the MiFID II regulatory changes. With the Genesis QOEMS internal quotes and orders can be managed within a firm’s variety of liquidity sources and matching opportunities whether they are a proprietary trading desk making markets to agency broker dealer flow through to simple crossing opportunities across high touch and low touch businesses.

Example Use Case
Below is an example use case of the QOEMS platform within a sell-side firm which has both a broker dealer and a proprietary market making desk. The example includes our Genesis adapter for R to provide statistical analysis. We provide out of the box TCA calculations and analytics within R which takes the order and trade information from our platform to provide real-time complex analytics. Our analytics can be extended and/or our clients can write their own analytics whether it be for TCA, automated hedging strategies or trading opportunity alerts.

Quote Entry
Internal Quote Management
Our Internal Quote Management functionality allows a firm to have a concept of a “quote” which can be either a buy, a sell or a two sided (both buy and sell) quote request. This can be integrated to a an external pricing engine including Excel, utilise the Genesis pricing engine or a user can use the Genesis platform to manually respond to quote requests.

Below is an example workflow including screenshots for quote management for a firm which has a broker dealer desk and a separate internal proprietary market making desk. The screenshots are from the rich client application (also available via our web QOEMS application as well).

Quote Entry
The user enters a request to get a buy quote request for 115,000 shares of Apple on behalf of Blackrock. This creates a quote request which is in a “WAITING” state.
Quote Entry
The users or a pricing engine which has appropriate permissions to see the quote request see the request with real-time market data for Apple.

Quote Entry
The user (or an automated pricing engine) enters a price for the quote request. The quote request now transitions into a “LIVE” state.
Upon the client confirming the trade at the quoted price automatically the internal quote is turned into an order between the firm’s broker dealer and market making proprietary desk. The screenshot below shows the auto generated sell order between the two desks with an icon of two arrows crossing one another.

The client then sends in the order via FIX and appears within the QOEMS platform as a new order and also the “Crossing Opportunities” alerts that there is a crossing opportunity. These orders can then be crossed, the platform also offers auto sizing functionality to auto adjust the size of the order to the client orders to match volumes in case market prices have changed.

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Quote Entry

Once crossed and matched then the appropriate trades are created and with a trade type identifying their origin as crossed trades from a certain type of flow.

Quote Entry
External Quote Management
Our External Quote Management functionality allows a sell-side firm (either broker dealer or treasury desk) to have a concept of a “quote” which can be either a buy, a sell or a two sided (both buy and sell) quote request between themselves and their buy-side client.

Below is an example workflow including screenshots for external quote management for a buy-side firm requesting quotes from a sell-side firm. The screenshots are from the web application (also available via our QOEMS Rich Client Application as well).

Quote Entry
The user from the client Blackrock enters a two-sided quote request for 115,000 shares of Apple on behalf of Blackrock. This creates a quote request which is in a “WAITING” state.
Quote Entry
The quote request appears within the sell-side quote request window which may or may not be connected to an automated pricing service. The two-sided quote goes from a “WAITING” state to “PRICING” while the pricing engine returns a prices and then once returned to the web application for the client to a state of “LIVE”.
Quote Entry
The live market prices are returned to the client in real-time including the quoted bid and offer price from the two sided quote. The client can then buy, sell or reject the quote. There is a timeout before the quote is automatically “EXPIRED” by the sell-side firm.
Basket and Order Management
Within the Genesis QOEMS platform we provide a basket and order management system to manage the workflows of either a broker dealer or a buy-side firm. Below is a typical screen layout showing real-time market data, basket, order and trade management.

OEMS Platform
This functionality allows the original parent order to be split into multiple child/route orders. These child orders can be sent to execution venues via our execution services whether they are a trading desk, external broker, algorithmic trading service or matching engine of a liquidity center.

Technology Framework
Our basket and program trading functionality allows clients to enter baskets over FIX or manually entered via order entry or data upload from a certain file format such as Excel files or comma delimited files. With our basket trading functionality advanced trading execution and our order grouping automatically groups order by various parameters allowing crossing opportunities, etc…

Technology Framework
Our QOEMS platform supports complete manual and electronic order flow from external buy-side clients or internal trading desks. Within our electronic order flow we also support worked (care) orders along with DMA and DSA (Direct Strategy Access – Direct Access to internal trading algorithms or services). We allow for different order and risk limits based on the client and the type of flow (i.e. DMA or DSA/Algorithmic).

Technology Framework
Real-time Pre, Intra & Post Trade Analytics
The R language is increasingly used among statisticians and data miners for developing statistical software and data analysis. It is therefore suitable for transaction cost analysis, pre-trade and post-trade calculations, and its popularity is building up quickly. The Genesis framework offers two different ways of working with R (Renjin and rJava), each one of them having different strengths. We provide out of the box TCA calculations written in R.

The Genesis framework offers two different ways of working with R (Renjin and rJava), each one of them having different strengths, detailed below:

Renjin is a full implementation of the R language inside the Java Virtual Machine, therefore it is possible to interact directly with Java libraries without the need for expensive data transfer or brittle inter-process communication. It also enjoys offers performance improvements using techniques such as deferred computation, implicit paralellism, and just-in-time compilation. The Renjin Genesis Adapter allows developers to create fully featured Genesis microservices written in R and integrates seamlessly into the Genesis ecosystem as a first-class citizen. Therefore this implementation is best suited for new R development in Genesis.

rJava is another R-to-Java implementation. It provides a bidirectional low-level bridge between both languages using the JNI (Java Native Interface). This allows users to create objects, call methods and access fields of Java objects from R and vice-versa using the JRI (Java to R Interface). This implementation is best suited for legacy R codebases, as it allows the developer to use any existing R packages in conjunction with the Genesis framework. It involves a higher degree of customisation, but in exchange it can be carefully handcrafted to solve problems in the most efficient way.

Generic Automated Rules Engine (GARS)
The Genesis QOEMS platform includes the Genesis Automated Rules engine to allow our users to define their preferred order routing methods based on any order or trade data within the platform. This provides our clients with an extremely powerful solution to perform any variety of different functions to streamline and expedite their order and execution management functions (both front-office and back-office).

This flexibility allows for full or part-automation of a client’s workflow through the use of rules; for example to allow a client to route incoming orders to a specific destination (to a user, a service, a market, and so on) based on configured parameters such as client, stock, volume, time, order type, country, sector, and so on. Additionally rules can be configured for onward processing for example where routing rules could be configured to identify trades to forward onward to a specific post trade venue or for compliance and operations checks.

Technology Framework
Technology Framework
Genesis Key Clients and Stock Monitoring
The Genesis QOEMS platform allows our users to select key clients and/or stocks that they want to monitor order flow where the orders from either a selected client or stock are easily monitored and highlighted. Whether it is something specific for that day like marking all order flow for a particular stock where the user has a block trade or simply key client(s) you want to monitor the order flow from. This functionality can be activated or deactivated anytime. Below are example screenshots where “MILL” is set as a key client and both “ASTC.O” and “AEMD.O” as key stocks.

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This shows all orders with stars to highlight the orders from key clients and stocks that are being followed.
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This grid shows all orders from any key clients that the user has defined, in this case just “MILL”.
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This grid shows all orders from any of the key stocks that the user has defined, in this case both “ASTC.O” and “AEMD.O”.
Genesis Alerting Mechanism (GAM)
The Genesis QOEMS platform includes the Genesis Alerting Mechanism that allows individual or groups or users to be notified of specific order management flow. These alerting rule definitions are configured through the Genesis QOEMS GUI allowing key data to be monitored; for example – orders from a specific client, orders for a specific market sector or stocks, and so on.

All types of alerting are supported, including simple styling in the Genesis UI such as flashing of cells, through to the onward forwarding of messages, for example sending messages to a customer’s MQ-series or even to send outbound emails to specific recipients configured to be alerted in these situations.

Complete Excel Integration
The Genesis QOEMS platform allows our users to retrieve and submit any data into the Genesis Framework and QOEMS solution. Whether you want retrieve the latest market data, real-time information on the clients order flow, view current trading positions to perform hedging calculations or simply enter in new orders or trades into the platform.

Technology Framework Technology Framework
Risk and limit controls
Based on the user, client or instrument there are various risk and limit controls can be activated to provide safety and security when trading. Parameters can be based on financial values per order or overall order flow over the entire trading day. We also support the ability to check limits against a percentage of the normal ADV (Average Daily Volume) of an instrument.
  • Technology Framework
  • Technology Framework
Restricted Trading Lists
Within the Genesis QOEMS platform our client’s can setup restricted trading lists where instruments that are listed and active either error or provide warnings when an order for that instrument is entered into system. The platform also raises an alert in the compliance monitoring tool to make sure that the compliance team are aware of a potential issue.

Technology Framework
Order and trade flow analytics
Our platform analyzes previous trade history to be able to identify the best trading opportunities such as crossing a block trade. Quickly and easily see who has historically traded the other side to an order you just received from a client. We analyse various aspects of the order and trade flow like instrument, sector, client, type of client, etc…

Technology Framework
Full Audit Trail Reporting
The entire platform is fully audited in real-time monitoring any changes, whether it be a risk limit change, when a user logons to the platform all the way through to an amendment of an order’s volume or execution service it is allocated to.

Technology Framework
Real-time Execution Analytics
Realtime analytics of execution performance based on various benchmarks. Whether you are a buy-side firm monitoring the performance of your broker or a trader on the sell-side managing your algorithmic trading performance we provide real-time analytics.

Fee and client commission management
Our platform provides real-time analytics of the fees being paid to the buy-side’s brokers and for the sell-side their client commission they are receiving from the their clients.
Open integration
With our open APIs via various mechanisms data can be sent into or retrieved. Whether it be via FIX messages, SOAP requests, messages via a message queue or our JavaScript interface the Genesis framework gives our clients complete access to all of the data within the platform.

Genesis framework
As with all Genesis solutions our open framework allows you to build further functionality or customise the “out of the box” functionality for your specific business needs.