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<span id="openzim-page-title" class="mw-page-title-main"><span class="mw-page-title-main">Execution management system</span></span>
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<div id="mw-content-text" class="mw-body-content mw-content-ltr" lang="en" dir="ltr"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><p>An <b>Execution management system</b>, or <b>EMS</b>, is an application utilized by <a href="Trader_(finance)" title="Trader (finance)">traders</a> designed to display <a href="Market_data" title="Market data">market data</a> and provide seamless and fast access to trading destinations for the purpose of transacting orders. This application contains broker provided and independent <a href="Algorithm" title="Algorithm">algorithms</a> such as <a href="TWAP" class="mw-redirect" title="TWAP">TWAP</a> and <a href="VWAP" class="mw-redirect" title="VWAP">VWAP</a>, global market data and technology that is able to help predict certain market conditions.<sup id="cite_ref-safarik_1-0" class="reference"><a href="#cite_note-safarik-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> One of the important features of EMS is the capacity to manage orders across multiple trading destinations such as <a href="Stock_exchange" title="Stock exchange">stock exchanges</a>, <a href="Brokerage_firm" class="mw-redirect" title="Brokerage firm">stock brokerage firms</a>, <a href="Crossing_network" title="Crossing network">crossing networks</a> and <a href="Electronic_communication_network" title="Electronic communication network">electronic communication networks</a>.
</p><p>In addition to commercial vendors, a few <a href="Open-source" class="mw-redirect" title="Open-source">open-source</a> projects can be counted in as EMS, although their breadth varies.
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<div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2></div>
<ul><li><a href="Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li>
<li><a href="Dark_liquidity" class="mw-redirect" title="Dark liquidity">Dark liquidity</a></li>
<li><a href="Electronic_trading_platform" title="Electronic trading platform">Electronic trading platform</a></li>
<li><a href="High-frequency_trading" title="High-frequency trading">High-frequency trading</a></li>
<li>Order management system</li>
<li><a href="Single-dealer_platform" title="Single-dealer platform">Single-dealer platform</a></li></ul>
<div class="mw-heading mw-heading2"><h2 id="References">References</h2></div>
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<li id="cite_note-safarik-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-safarik_1-0">^</a></b></span> <span class="reference-text">Daniel Safarik, <a rel="nofollow" class="external text" href="http://www.financetech.com/featured/showArticle.jhtml?articleID=193005910">Execution Management Systems: From the Street and on the Block</a>, <i>financetech.com</i>, September, 2006</span>
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<div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2></div>
<ul><li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20100817210603/http://atmonitor.co.uk/ProviderDirectory/category.aspx?name=oms-and-ems-vendors">Directory of EMS vendors</a></li>
<li><a rel="nofollow" class="external text" href="https://web.archive.org/web/20111002014915/http://www.thetradenews.com/operations-technology/trading-tools/6332">EMS Providers Jump Onto The Cloud</a></li>
<li><a rel="nofollow" class="external text" href="http://www.tradersmagazine.com/issues/24_321/ems-nangalia-woodbine-realtick-107422-1.html?pg=1">Converge and Diverge</a></li></ul></div><!--htdig_noindex--><div><div class="zim-footer">
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