Waters Rankings 2021: Best sell-side order management system (OMS) provider—Bloomberg

Product: Bloomberg TOMS

Phil McCabe, Bloomberg
Phil McCabe, Bloomberg

“Sell-side firms increasingly look to reduce their technology stacks, automate more of their processes and benefit from advances in artificial intelligence and machine learning. The strength of Bloomberg’s offering lies in the combination of our technology and our data, and our commitment to constantly introduce innovations and deliver solutions that are intuitive and easy to install and to use. This allows us to provide sell-side firms with a robust OEMS that helps trading desks make better informed decisions more systematically, and improve execution for their clients.”
Phil McCabe, global head of sell-side solutions, Bloomberg

WHY THEY WON

At its core, the Waters Rankings is a popularity contest and the winners are chosen simply by the number of votes you get. Considering that Bloomberg has won the best sell-side OMS category 11 of 12 years, it’s fair to say that TOMS is a very popular product on Wall Street, and there’s no reason to think Bloomberg’s run won’t continue. 

WHAT’S NEW

Bloomberg introduced analytics to support decision-making on the trading desk. The TOMS machine learning-driven order recommendation tool makes use of the firm’s own historical data.

The company added new navigation features via custom tiles that aggregate data and provide more intelligent filtering. 

Additional Libor transition and risk-free rate (RFR) solutions were introduced, notably to integrate RFRs into TOMS and electronic trading workflows, and structuring and risk management tools in MARS.  

Front-office risk functionality and analytics for RFR products, loans and structured notes were expanded. GUIs for Interest Rate Gamma curve risk and PNL Explain were enhanced for more transparency and drill-down capabilities.  

In response to market volatility amid the Covid-19 pandemic, measures to support for negative rates and commodity futures, and government responses (e.g., TALF) were introduced to help firms manage unprecedented high volumes of derivatives trades. 

WHAT’S TO COME 

For TOMS, the company will continue to expand functionalities for the asset classes covered by the solution, and introduce more tools, notably for foreign exchange, mortgages, repo and municipals. 

Bloomberg also says it will continue investing in developing TOMS to provide clients with next-generation tools, including pricing capabilities and data science-driven analytics. 

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