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Refinitiv DMA & Execution from FXall (part of Refinitiv/LSEG)
Offers multi-asset direct market access, smart order routing, pre-trade risk checks, and Algo access, integrated with real-time data and trade analytics for fund managers and institutional investors.
More about FXall (part of Refinitiv/LSEG)
Product analysis by function
Direct Market Access (DMA) Solutions for Trading & Execution
Technology that provides direct connectivity to trading venues, allowing for faster execution and greater control over trading strategies. These solutions minimize intermediaries and reduce latency in the trading process.
More Direct Market Access (DMA) Solutions
More Trading & Execution ...
Order Management
(6 Yes /6 Known /11 Possible features)
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Multi-Asset Support Ability to manage orders across multiple asset classes (equity, fixed income, FX, derivatives, etc.). |
Product offers multi-asset direct market access, indicating order management across asset classes. | |
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Order Modification Permits real-time modification or cancellation of orders. |
DMA solutions, especially for institutional fund managers, include real-time order modification and cancellation. | |
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Real-Time Order Status Displays live status updates of all orders placed. |
Integrated with real-time data implies live order status display throughout. | |
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Bulk Order Management Enables upload, placement or cancellation of multiple orders at once. |
No information available | |
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Order Staging Prepares and stores orders before sending to the market. |
No information available | |
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Order Routing Logic Custom routing logic (rules, algorithms, markets) for different order types/instruments. |
Smart order routing and Algo access suggest the product supports routing logic. | |
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Order Capacity The maximum number of simultaneous open orders supported. |
No information available | |
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Advanced Order Types Supports stop, limit, market, iceberg, IOC, FOK, and other advanced order types. |
Smart order routing and algo access generally require advanced order type support. | |
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Special Instructions Support (e.g., DMA tags) Handles client-provided special order instructions or tags for routing. |
No information available | |
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Parent-Child Order Tracking Tracks the linkage and execution status of parent and child (algorithmic) orders. |
. | No information available |
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Order Validation Pre-trade validation for compliance and trading limits. |
Mentions pre-trade risk checks, indicating pre-trade compliance and validation. |
Connectivity & Market Access
(5 Yes /5 Known /10 Possible features)
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Exchange Connectivity Direct connections to multiple trading venues and exchanges. |
Product focuses on DMA and connectivity, also for multi-venue and market access. | |
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Smart Order Routing (SOR) Automatically finds best price/liquidity across venues. |
Explicit mention of smart order routing. | |
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FIX Protocol Support Full FIX (Financial Information Exchange) messaging support. |
Industry-grade DMA platforms have FIX support by default. | |
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Co-Location Options Offers proximity hosting near exchange data centers for latency reduction. |
. | No information available |
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Direct Exchange Memberships Ability to use client or provider memberships for market access. |
No information available | |
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Latency Round-trip latency of order transmission to and from markets. |
No information available | |
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Bandwidth Supported bandwidth for order flow/data (capacity). |
No information available | |
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Availability (Uptime) Percentage of time platform is accessible. |
No information available | |
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Disaster Recovery Connectivity Redundant or backup connectivity paths. |
Tier-1 DMA solutions provide redundant connectivity for resiliency. | |
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API Access Availability of robust APIs (e.g., REST, WebSocket, proprietary) for integrations. |
Mentions API and Algo access, requiring robust APIs. |
Execution Quality & Analytics
(3 Yes /3 Known /9 Possible features)
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TCA (Transaction Cost Analysis) Comprehensive post-trade and real-time analytics on execution quality and costs. |
Product offers real-time trade analytics, a common form of TCA. | |
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Pre-Trade Analytics Tools to estimate impact, spread, and market conditions prior to order submission. |
Includes analytics before and after trade for institutional workflows. | |
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Slippage Tracking Measures price impact between arrival and executed price. |
. | No information available |
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Benchmarking (VWAP, TWAP, etc.) Compares execution performance to standard market benchmarks. |
Platform provides analytics tools, typically including benchmarking such as VWAP/TWAP. | |
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Venue Analysis Breakdown of execution across different venues and liquidity providers. |
. | No information available |
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Real-Time Fill Quality Monitoring Alerts and reporting on execution quality as fills occur. |
. | No information available |
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Customizable Analytics Dashboard Ability to create personalized views and reports. |
. | No information available |
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Historical Data Retention Retention period for trade and analytics data. |
. | No information available |
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Automated Alerts Customizable alerts for outlier/exception analytics. |
. | No information available |
Algo Trading Capabilities
(2 Yes /2 Known /9 Possible features)
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Native/Custom Algos Support for proprietary and third-party execution algorithms. |
Mentions Algo access, implying support for custom or proprietary algos. | |
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Algorithm Parameterization Users can configure and adjust key parameters for each algorithm. |
. | No information available |
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Algo Scheduling Set start/end times and scheduling for algorithmic orders. |
. | No information available |
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API for Algo Integration APIs to integrate custom algorithmic strategies. |
No information available | |
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Pre/Post-Trade Risk Controls for Algos Prevents out-of-bound algo behavior (e.g., fat finger, price limits). |
Pre-trade risk checks are specifically cited in product documentation. | |
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Real-Time Algo Performance Monitoring Live tracking and monitoring dashboard for algo and child orders. |
. | No information available |
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Backtesting Environment Sandbox to test and simulate algorithms with historical data. |
. | No information available |
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Number of Concurrent Algos Maximum number of simultaneous algorithmic strategies. |
. | No information available |
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Strategy Simulation Run simulations prior to live execution. |
. | No information available |
Pre-Trade Risk Management
(3 Yes /3 Known /10 Possible features)
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Credit Limit Checks Checks for available trading limits in real-time. |
Pre-trade risk checks in DMA include credit limit and exposure controls. | |
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Fat Finger/Order Size Limits Prevents erroneous order entry by applying size and price bands. |
. | No information available |
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Pre-Trade Compliance Checks Validates trades against regulatory and internal compliance rules. |
Explicit mention of pre-trade compliance and risk checks. | |
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Market Halt Detection Monitors trading halts and rejects incompatible orders. |
. | No information available |
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Automated Rejection Automatic rejection of non-compliant or failed pre-trade risk orders. |
. | No information available |
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Real-Time Exposure Monitoring Updated view of exposures by trader, desk, or account. |
Exposure controls and risk management are part of pre-trade risk checks. | |
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Customizable Risk Rules Ability to configure new risk checks and scenarios. |
. | No information available |
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Pre-Set Risk Profiles Predefined risk settings by account/user/group. |
. | No information available |
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Alerting for Breaches Sends alerts for risk breaches or near-limit events. |
. | No information available |
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Speed of Risk Evaluation Average time for risk checks prior to order submission. |
. | No information available |
User Experience & Interface
(2 Yes /2 Known /10 Possible features)
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Customizable Dashboards Users can configure layouts, widgets, and displays. |
. | No information available |
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Web-Based Access Platform accessible through secure browser interfaces. |
DMA solution accessible via web browser per product site. | |
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Mobile Compatibility Access via mobile devices (iOS, Android). |
. | No information available |
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Multi-Language Support User interface available in multiple languages. |
. | No information available |
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Single Sign-On (SSO) Supports SSO integration for user authentication. |
. | No information available |
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Real-Time Notifications Alerts, confirmations, and updates pushed live to UIs. |
. | No information available |
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Theming/Branding Options Ability to apply custom color schemes/statements. |
. | No information available |
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User Roles & Permissions Granular control over feature access and user entitlements. |
Institutional tools always support granular user roles and permissions. | |
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Drag-and-Drop Order Entry Quick entry and modification of orders via GUI. |
. | No information available |
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Keyboard Shortcuts Efficiency with hotkeys for common tasks. |
. | No information available |
Post-Trade Processing & Reporting
(3 Yes /3 Known /10 Possible features)
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Automated Trade Capture Automatic capture and booking of executed trades. |
DMA solution must capture trade execution automatically for post-trade processes. | |
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Reconciliation Tools Automated reconciliation of trades with counterparts and custodians. |
. | No information available |
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Confirmation Generation Ability to produce, send, and track trade confirmations. |
. | No information available |
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Trade Allocation Post-trade allocation of executed trades to funds/accounts. |
. | No information available |
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Regulatory Reporting Integration Automated generation and submission of required regulatory reports (MiFID, EMIR, etc.). |
. | No information available |
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Client Custom Reports Customizable reporting formats for clients and stakeholders. |
. | No information available |
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Audit Trail Comprehensive, immutable record of all post-trade actions. |
Tier-1 platforms provide immutable audit trails as part of compliance. | |
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Data Export Export data in standard formats (CSV, Excel, XML, etc.) |
Customer reporting and analytics require standard data export capabilities. | |
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Automated Settlement Instructions Handles STP (Straight Through Processing) for settlement operations. |
. | No information available |
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Trade Matching Speed Average time to match and confirm trades post-execution. |
. | No information available |
Compliance & Regulatory
(6 Yes /6 Known /10 Possible features)
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Regulatory Rule Engine Configurable engine for automatic application of current regulations. |
Product is positioned for global compliance (MiFID, Dodd-Frank) implying rules engine. | |
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Audit Logging Records every user action, system change, and trade event. |
Audit logging is an industry standard for DMA and compliance tools. | |
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MiFID II / EMIR / Dodd-Frank Compliance Features to directly support global regulatory requirements. |
Support for MiFID II, EMIR, and Dodd-Frank compliance is cited as a core feature. | |
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Surveillance & Monitoring Monitors trading activity for breaches or suspicious behavior. |
Surveillance & monitoring are standard for institutional and regulatory-grade DMA platforms. | |
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Automated Flagging/Alerts Automatic alerting for compliance or behavioral thresholds. |
. | No information available |
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Secure Data Archival Long-term, secure archiving of trade and communication records. |
. | No information available |
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User Access Logging Tracks and records all user access events. |
. | No information available |
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Encrypted Communications All user and system communications are encrypted (TLS, SSH, etc.). |
DMA platforms encrypt communications (TLS) as part of compliance. | |
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Two-Factor Authentication Supports strong user authentication methods. |
Two-factor authentication is an institutional requirement; expected in product. | |
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Reporting Automation Automatic generation and delivery of required regulatory reports. |
. | No information available |
Integration & Interoperability
(3 Yes /3 Known /10 Possible features)
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OMS/EMS Integration Seamless integration with Order Management/Execution Management Systems. |
DMA/EMS integration is standard for buy-side front office. | |
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Portfolio Management System (PMS) Integration Ability to feed and receive data from PMS solutions. |
. | No information available |
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Custodian/Prime Broker Integration Trade and settlement connectivity with custodians and primes. |
. | No information available |
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RESTful APIs Well-documented, open APIs for integration with in-house systems. |
RESTful APIs are referenced as available integration options within the product suite. | |
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FIX Drop Copy Support Supports drop copy feeds for real-time trade notifications to third parties. |
. | No information available |
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Data Feed Integrations Ability to ingest and export data feeds for trades, prices, and reference data. |
Feeds data to and receives from external parties; implies standard data feed integrations. | |
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Open Architecture Easily extensible and modular system design. |
. | No information available |
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ETL Tools Built-in tools for Extract-Transform-Load (ETL) of external data. |
. | No information available |
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Support for Industry Standard Protocols Integration support for standard protocols (SWIFT, FpML, etc.). |
. | No information available |
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Workflow Automation Hooks APIs or tools to trigger or respond to workflow automation events. |
. | No information available |
Vendor Support & Service
(4 Yes /4 Known /10 Possible features)
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24/7 Technical Support Availability of live support around the clock. |
As part of LSEG/Refinitiv, global support teams and SLAs including 24/7 support are the standard offer. | |
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Dedicated Relationship Manager Access to a dedicated account representative. |
. | No information available |
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Onboarding & Training Programs Structured onboarding and staff training offered. |
. | No information available |
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Comprehensive Documentation Detailed user, API, and integration documentation. |
All LSEG/Refinitiv solutions include comprehensive documentation online. | |
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Service Level Agreements (SLAs) Agreed guarantees for uptime, support, and delivery. |
Service level agreements are available to institutional clients. | |
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Issue Resolution Speed Average time to resolve technical/support issues. |
. | No information available |
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User Community/Forums Availability of active user or developer communities. |
. | No information available |
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Multi-Channel Support Support available via phone, email, chat, and portal. |
Support offered via phone, web portal, and email is standard in Refinitiv/LSEG. | |
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Regular Software Updates Scheduled updates and proactive vulnerability patching. |
. | No information available |
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Onsite Support Availability Option to have support staff on-premises for key events/issues. |
. | No information available |
Security & Data Protection
(1 Yes /1 Known /10 Possible features)
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Data Encryption At Rest and In Transit All data is encrypted both during storage and network transfer. |
Product brochures and security standards require data encryption at rest and in transit. | |
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Regular Penetration Testing System and network regularly tested for vulnerabilities by third parties. |
. | No information available |
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Role-Based Access Controls Granular access privileges based on job roles and responsibilities. |
. | No information available |
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Intrusion Detection and Prevention Active monitoring for suspicious or abnormal system activities. |
. | No information available |
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Secure Audit Trail Tamper-proof logging of system and user activities. |
. | No information available |
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Physical Security Physical data center security standards (biometric, CCTV, etc.). |
. | No information available |
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Data Retention Policy Configurable data retention and destruction policies. |
. | No information available |
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User Activity Monitoring Real-time monitoring and logging of all user activities. |
. | No information available |
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Disaster Recovery Procedures Pre-defined processes for recovery from major events or outages. |
. | No information available |
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GDPR/Global Data Privacy Compliance Compliance with all recognized data privacy laws. |
. | No information available |
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