BST Awards 2022: Best buy-side OMS—FlexTrade Systems

Product: FlexONE

Overview

FlexONE is a multi-asset order management system (OMS). It is designed to allow hedge funds and traditional asset managers to integrate disparate workflows into a single, centralized, intraday system. FlexONE captures multi-asset workflows from beginning to end―order generation, intraday P&L and risk, fund/prime allocations, order marking, short locates, pre- and post-trade compliance, and operations―and is integrated with the firm’s multi-asset execution management system. 

“FlexONE simplifies the coding and back-end efforts needed to support our high-volume, international, multi-prime broker business. We can now engage new trading and prime broker relationships without onboarding and allocation concerns. We can leave the order marking and settlement allocation engine to them, accelerating our ability to scale while maintaining a lean staff that is hyper-focused on investing capital.” 
Michael DeAddio, COO, Dark Forest Technologies

What problem does it address?  

FlexTrade sees its focus on open integration with other best-of-breed technologies and internally built client solutions as one of its key differentiators. Built from the ground up with a focus on speed and scalability, FlexONE enables an open and API-driven workflow that allows clients to onboard numerous workflows from user-interface-based teams, systematic teams and multi-portfolio management constructs. Leveraging Scala, gRPC APIs and in-memory access allows FlexONE to handle complex and intensive workflows. 

Secret sauce 

  • Technology: FlexONE was built API-first, which means that all workflows found in the GUI are accessible via APIs. This framework ensures that end-users can customize workflows and views without forcing a one-size-fits-all solution.
  • Service: FlexTrade’s implementation team is the same group that manages the long-term relationship post go-live, instead of bifurcating the client service groups. 

Recent milestones

  • Digital assets enhancements―clients can now source digital assets/crypto liquidity from exchanges and market-makers into FlexTrade’s aggregator (spots and derivatives), stream or RFQ prices, execute directly through FlexONE, while also leveraging FlexAlgos.
  • Additional risk factor model providers for real-time factor analytics.
  • Decision-support tool/portfolio modeling enhancements, including advanced rebalancing methodologies and what-if analysis.
“To be recognized as the best buy-side OMS in this year’s BST Awards, one of the most hotly contested categories, is a real milestone for FlexONE. We’ve been on a journey to create the industry’s most comprehensive, scalable and modern OEMS solution. We’re achieving this with client partnerships from the world’s most demanding asset and hedge fund managers to drive the functionality available within the OEMS and our future roadmap. Combined with FlexTrade’s commitment to delivering domain-expert-led client support, we believe we have a unique offering to match any in the market.”

Aaron Levine, SVP AMS Sales, Buy-Side Trading Solutions, FlexTrade 

Future objectives 

  • Mobile app development.
  • Further electronification of fixed-income workflows. 
  • Continued portfolio construction workflows, including portfolio optimization.

Why they won

Traditionally, the OMS category has been the most closely contested of all 35 on offer in these awards, given the central, enabling role the technology plays for pretty much all buy-side firms. FlexTrade wins the award this year, usurping JP Morgan Asset Management’s position as the buy-side leader, thanks to its widely used FlexONE multi-asset OMS. Key to FlexONE’s success this year are its extensive use of APIs allowing users to customize their workflows and views; advancements in the digital assets/crypto space; and the recent enhancement of its decision-support and portfolio modeling tools, including advanced rebalancing methodologies and what-if analysis. FlexONE, with all its advanced functionality, is clearly so much more than a run-of-the-mill OMS.  

 

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