BUY-SIDE TECHNOLOGY AWARDS: Best product implementation at a buy-side firm: ConvergEx's Eze Castle Software

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Chris Kyriakou and Simon Clark, Eze Castle Software

This year’s entrants for best product implementation at a buy-side firm ran the gamut from front- to back-office projects; in the end, an order management system (OMS) deployment garnered the most votes.

Odey Asset Management, a London-based buy-side firm with $6 billion under management, deployed ConvergEx’s Eze OMS product in 2009 in order to automate functions including pre-trade compliance, position-checking, order management and electronic trading. Odey also sought a system able to integrate more fully with its portfolio management system supplied by Linedata.

Through the Eze OMS implementation, the manager now sends orders via the FIX protocol, and can take advantage of trading opportunities with sell-side algorithms and alternative trading venues. Using the system’s pre- and post-trade capabilities, Odey can also more effectively address requirements such as currency and security restrictions, Undertakings for Collective Investments in Transferable Securities (UCITS) and disclosure rules. According to ConvergEx, Odey has also been able to reduce its trading errors by 80 percent following the Eze OMS implementation.

The implementation process entailed a dedicated team of ConvergEx consultants, trainers and support staff set up on-site at Odey’s offices, keeping traders, portfolio managers, compliance and operations personnel in the loop through each stage of the deployment process. Support did not end upon going live—Eze continues to provide consulting services on a daily basis for issues like training and upgrades, while its global technology services unit monitors its connectivity to brokers and third-party software providers. Such a level of ongoing support did a lot to distinguish ConvergEx in this category. —SE

JUDGE'S COMMENT
ConvergEx’s Eze Castle Software has implemented the OMS within Odey’s existing trading infrastructure to avoid any unnecessary costs, and strengthened key areas around compliance, while at the same time coming in on budget and implementation timeline.

EZE CASTLE SOFTWARE REACTION
“We are tremendously honored to have been recognized by Buy-Side Technology in the best implementation at a buy-side firm category for 2010. Our deep commitment to client service begins with implementation and follows with a high-level of ongoing technological support and training. In partnering with Odey, we were able to deliver a comprehensive solution that streamlined their investment process, minimizing trade breaks and maximizing their efficiency.
This award, along with the best buy-side OMS award in the Waters Rankings, is a fantastic recognition. We pride ourselves on delivering highly sophisticated products that give our clients a real investment edge and we dedicate a tremendous amount of resources to client support. I am very pleased to accept this award on behalf of all the dedicated people who work alongside our clients as a partner, not just a vendor, to make the Eze OMS such a success.”
—Simon Clark, director of European consulting, ConvergEx’s Eze Castle Software

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