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TMS

By InfoReach

INFOREACH TMS combines order entry, rule-based trading, order management and FIX connectivity in a single broker-neutral trading platform.

Product capabilities include trading of various security types as single instruments or baskets, order routing, pre and post-trade allocations, automation of execution algorithms, and real-time position monitoring. While the product offers a broad range of functionality, it can also be easily configured to deliver just a subset of required features. Implemented in Java and it can be deployed on a variety of operating systems.

System type: Trade Management System (TMS)
Configurability: Reports, charts, actions and trading rules
Security types: Equities, futures, options and FX
Execution venues: Any FIX-compliant destination
Target audience: Buy side and hedge funds and sell side
System architecture: Three-tier client-server
Trading scope: Baskets, single orders and pairs
System extensibility: Java, C++ and ActiveX APIs
Order control: Algorithmic and/or manual

Architecture

INFOREACH TMS is a three-tier client-server application. The first tier is the user interface, which runs on the user's computer (the client). The second (middle) tier is a collection of the functional modules that actually process data. This middle tier runs on a server. The third tier is a database management system (DBMS) that stores the data required by the middle tier. This tier runs on a second server called the database server. The three-tier design has many advantages over traditional two-tier or single-tier designs, the major ones being:

  • Running execution algorithms on the server yields a more protected environment
  • Performance of the algorithms is not affected by other applications running on the client's computers
  • The rebooting of the clients' PCs that are more common than those of servers will not interrupt active algorithms and system state
  • Firm-wide consolidation and sharing of trading data in real-time
  • Modular approach facilitates better fault isolation where the failure and recovery of one module does not require the restart of the rest of the system
  • Increased scalability allows distribution of components across multiple servers, thus increasing the amount of resources available for the TMS
  • Separating the application functions from the database functions makes it easier to implement load balancing

The ability of INFOREACH TMS to deliver functionality, performance and reliability rests on its architecture - a fusion of academic knowledge and practical engineering experience cemented by years of tedious work.

Features

Security types: Supports trading of multiple security types, including stocks, futures and options.

Order entry: Trades can be entered via customisable order entry dialogs, quote list and quote montage screens or through the use of quick order entry panels. Trades completed "away" from INFOREACH TMS can also be entered into the system.

Basket trading: Supports both index and portfolio basket trading. System provides a set of tools for the convenient management of baskets and waves of orders.

AutoTrader: A component that automates the process of trading by providing an environment for the creation and testing of user-defined strategies.

Market data: Compatible with a variety of market data vendors, including Reuters, Bloomberg, Comstock, ILX and Hyperfeed.

Connectivity: A full featured FIX Engine which supports Financial Information Exchange (FIX) protocol 4.0 and above, as well as FIXML is included. To assure quick connectivity INFOREACH TMS is certified with various brokers and ECNs.

Positions: Maintains real-time intraday positions for both instruments and accounts. Start-of-day positions can also be imported either automatically or on demand.

Allocations: Pre-trade, post-trade and real-time rule-based.

Trade Management: Consolidates company wide trading flow and delivers reports to managers and trading desks as real-time tables and charts.

Order Routing: Orders received from multiple clients can be routed to a choice of destinations. Routing destinations can be internal (trading desks, baskets and AutoTraders) or external (exchanges, ECNs, brokers, consolidators).

Execution Black-Box: Companies can leverage INFOREACH TMS as a broker-neutral execution black-box through the use of Java, C++ and COM Application Programming Interfaces (APIs).

Strategy Back-Testing: To facilitate the testing of trading and execution strategies, INFOREACH TMS allows the play back of historical tick data and also provides broker simulators.

Desktop tools

Meticulously designed and implemented desktop delivers efficient control over order execution and algoritm behaviour, while providing real-time trade reports. Desktop is fully customisable and supports custom layouts, actions, table reports and charts.