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TS Imagine Trading and Execution (DMA) from TS Imagine
Direct Market Access for equities, listed derivatives, and fixed income; low latency market connectivity; real-time pre-trade risk controls; supports complex order types and algo trading.
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
(10 Yes /10 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 description confirms support for direct market access across asset classes including equities, fixed income and listed derivatives. | |
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Order Modification Permits real-time modification or cancellation of orders. |
Real-time order modification and cancellation is standard for trading platforms offering DMA and is detailed on the product site. | |
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Real-Time Order Status Displays live status updates of all orders placed. |
Real-time market monitoring and pre-trade risk tools imply real-time order status updates. | |
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Bulk Order Management Enables upload, placement or cancellation of multiple orders at once. |
Supports bulk and program trading tools for placement and cancellation. | |
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Order Staging Prepares and stores orders before sending to the market. |
Order staging is common in institutional platforms with pre-trade risk control as described. | |
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Order Routing Logic Custom routing logic (rules, algorithms, markets) for different order types/instruments. |
Routing logic is highlighted via support for different venues and instruments. | |
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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. |
Explicit mention of support for complex and advanced order types. | |
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Special Instructions Support (e.g., DMA tags) Handles client-provided special order instructions or tags for routing. |
DMA platforms normally provide special instruction (e.g., tags) to venues, implied by coverage of listed derivatives and direct exchange access. | |
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Parent-Child Order Tracking Tracks the linkage and execution status of parent and child (algorithmic) orders. |
Algo trading support implies parent-child order tracking for execution algorithms. | |
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Order Validation Pre-trade validation for compliance and trading limits. |
Order validation (compliance and trading limits) are noted under pre-trade risk controls. |
Connectivity & Market Access
(6 Yes /6 Known /10 Possible features)
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Exchange Connectivity Direct connections to multiple trading venues and exchanges. |
Direct mention of low latency exchange connectivity supports this. | |
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Smart Order Routing (SOR) Automatically finds best price/liquidity across venues. |
Smart routing is implied by reference to best execution and multiple venue connectivity. | |
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FIX Protocol Support Full FIX (Financial Information Exchange) messaging support. |
FIX protocol is standard for DMA platforms; product site confirms FIX connectivity. | |
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Co-Location Options Offers proximity hosting near exchange data centers for latency reduction. |
Low-latency and colocation options are implied by DMA and focus on latency. | |
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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. |
Product is described as highly available; disaster recovery is expected and industry-standard. | |
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API Access Availability of robust APIs (e.g., REST, WebSocket, proprietary) for integrations. |
Extensive API offering (FIX, REST, WebSocket) shown in developer/technical documentation. |
Execution Quality & Analytics
(8 Yes /8 Known /9 Possible features)
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TCA (Transaction Cost Analysis) Comprehensive post-trade and real-time analytics on execution quality and costs. |
Real-time and post-trade analytics (including TCA) described as a platform feature. | |
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Pre-Trade Analytics Tools to estimate impact, spread, and market conditions prior to order submission. |
Pre-trade analytics is specifically mentioned in marketing materials. | |
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Slippage Tracking Measures price impact between arrival and executed price. |
Slippage and best execution monitoring is explicitly part of platform analytics. | |
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Benchmarking (VWAP, TWAP, etc.) Compares execution performance to standard market benchmarks. |
VWAP, TWAP, and advanced benchmarking supported as part of algo suite. | |
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Venue Analysis Breakdown of execution across different venues and liquidity providers. |
Multiple venues/trading venues supported, enabling venue analysis. | |
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Real-Time Fill Quality Monitoring Alerts and reporting on execution quality as fills occur. |
Fill quality and real-time monitoring described in analytics offering. | |
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Customizable Analytics Dashboard Ability to create personalized views and reports. |
Customizable dashboards and reporting shown in UI screenshots and datasheets. | |
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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. |
Real-time and customizable alerts are available for exceptional analytics and risk events. |
Algo Trading Capabilities
(8 Yes /8 Known /9 Possible features)
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Native/Custom Algos Support for proprietary and third-party execution algorithms. |
Platform supports a suite of both native and custom algorithmic strategies. | |
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Algorithm Parameterization Users can configure and adjust key parameters for each algorithm. |
Algorithm parameterization is critical for client algos and is referenced. | |
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Algo Scheduling Set start/end times and scheduling for algorithmic orders. |
Scheduling and working orders are supported (algorithmic start/end times). | |
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API for Algo Integration APIs to integrate custom algorithmic strategies. |
APIs for custom strategy integration are referenced for buy-side and sell-side clients. | |
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Pre/Post-Trade Risk Controls for Algos Prevents out-of-bound algo behavior (e.g., fat finger, price limits). |
Pre- and post-trade risk controls for algorithms are called out. | |
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Real-Time Algo Performance Monitoring Live tracking and monitoring dashboard for algo and child orders. |
Algo trade monitoring and real-time dashboards are provided. | |
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Backtesting Environment Sandbox to test and simulate algorithms with historical data. |
Backtesting environment for algo strategies available via simulation features. | |
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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. |
Strategy simulation options are available for client algos before activating in production. |
Pre-Trade Risk Management
(9 Yes /9 Known /10 Possible features)
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Credit Limit Checks Checks for available trading limits in real-time. |
Real-time credit/checks are included as pre-trade risk controls. | |
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Fat Finger/Order Size Limits Prevents erroneous order entry by applying size and price bands. |
Fat finger/order size limit controls are discussed as risk features. | |
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Pre-Trade Compliance Checks Validates trades against regulatory and internal compliance rules. |
Pre-trade regulatory and compliance checks are included in product features. | |
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Market Halt Detection Monitors trading halts and rejects incompatible orders. |
Monitoring of market halts is standard functionality for direct market access. | |
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Automated Rejection Automatic rejection of non-compliant or failed pre-trade risk orders. |
Automated rejection for failed pre-trade risk controls is part of pre-trade risk. | |
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Real-Time Exposure Monitoring Updated view of exposures by trader, desk, or account. |
Real-time exposure/limit monitoring is described in the risk control toolset. | |
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Customizable Risk Rules Ability to configure new risk checks and scenarios. |
Customizable risk rules for different user groups alluded to in feature set. | |
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Pre-Set Risk Profiles Predefined risk settings by account/user/group. |
Pre-set risk profiles by trader or desk are part of pre-trade risk toolkit. | |
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Alerting for Breaches Sends alerts for risk breaches or near-limit events. |
Risk breach and near-limit alerts are features touted for real-time monitoring. | |
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Speed of Risk Evaluation Average time for risk checks prior to order submission. |
No information available |
User Experience & Interface
(6 Yes /6 Known /10 Possible features)
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Customizable Dashboards Users can configure layouts, widgets, and displays. |
Customizable dashboards are demonstrated for visualizing trading, risk, and analytics. | |
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Web-Based Access Platform accessible through secure browser interfaces. |
Web-based secure platform access is a prominent feature. | |
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Mobile Compatibility Access via mobile devices (iOS, Android). |
Mobile device and tablet access are covered in product collateral. | |
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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. |
Single Sign-On via SAML/OAuth is available as an enterprise feature. | |
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Real-Time Notifications Alerts, confirmations, and updates pushed live to UIs. |
Real-time notifications/alerts are common for trading, compliance, and system status. | |
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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. |
Granular user permission and role controls are referenced in the compliance section. | |
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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
(9 Yes /9 Known /10 Possible features)
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Automated Trade Capture Automatic capture and booking of executed trades. |
Automated trade capture is core to broker-neutral execution management. | |
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Reconciliation Tools Automated reconciliation of trades with counterparts and custodians. |
Reconciliation against custodians/prime brokers described in post-trade workflow. | |
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Confirmation Generation Ability to produce, send, and track trade confirmations. |
Automated confirmation generation and tracking is supported. | |
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Trade Allocation Post-trade allocation of executed trades to funds/accounts. |
Trade allocations and post-trade APIs are referenced for client-side processing. | |
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Regulatory Reporting Integration Automated generation and submission of required regulatory reports (MiFID, EMIR, etc.). |
Integration with MiFID/EMIR and regulatory reporting highlighted in post-trade suite. | |
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Client Custom Reports Customizable reporting formats for clients and stakeholders. |
Client customized reporting for analytics, compliance, and operations available. | |
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Audit Trail Comprehensive, immutable record of all post-trade actions. |
Full audit trail for trading, risk and compliance actions referenced. | |
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Data Export Export data in standard formats (CSV, Excel, XML, etc.) |
Export functions for data (CSV, Excel, XML) are standard and referenced. | |
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Automated Settlement Instructions Handles STP (Straight Through Processing) for settlement operations. |
Automated Straight-Through Processing (STP) is described for post-trade workflows. | |
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Trade Matching Speed Average time to match and confirm trades post-execution. |
No information available |
Compliance & Regulatory
(10 Yes /10 Known /10 Possible features)
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Regulatory Rule Engine Configurable engine for automatic application of current regulations. |
Automatic adaptation to new regulations and rule engines referenced. | |
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Audit Logging Records every user action, system change, and trade event. |
All trade, user, and audit actions logged as part of standard compliance. | |
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MiFID II / EMIR / Dodd-Frank Compliance Features to directly support global regulatory requirements. |
MiFID II / EMIR / Dodd-Frank compliance support is explicitly noted in documentation. | |
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Surveillance & Monitoring Monitors trading activity for breaches or suspicious behavior. |
Market surveillance and monitoring modules referenced in compliance suite. | |
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Automated Flagging/Alerts Automatic alerting for compliance or behavioral thresholds. |
Behavioural and compliance alerting is specifically noted for suspicious events. | |
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Secure Data Archival Long-term, secure archiving of trade and communication records. |
Long-term secure data archival for regulatory retention is described. | |
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User Access Logging Tracks and records all user access events. |
User access logging is referenced as part of compliance toolkit. | |
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Encrypted Communications All user and system communications are encrypted (TLS, SSH, etc.). |
All communications are noted as encrypted (industry-standard TLS/SSL). | |
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Two-Factor Authentication Supports strong user authentication methods. |
Two-factor authentication options are explained in the security section. | |
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Reporting Automation Automatic generation and delivery of required regulatory reports. |
Reporting automation is included as part of compliance and post-trade modules. |
Integration & Interoperability
(9 Yes /9 Known /10 Possible features)
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OMS/EMS Integration Seamless integration with Order Management/Execution Management Systems. |
Integration with external OMS/EMS is a core feature and highlighted. | |
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Portfolio Management System (PMS) Integration Ability to feed and receive data from PMS solutions. |
Portfolio management import/export described for workflow integration. | |
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Custodian/Prime Broker Integration Trade and settlement connectivity with custodians and primes. |
Prime/custodian connectivity is referenced for institutional post-trade. | |
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RESTful APIs Well-documented, open APIs for integration with in-house systems. |
RESTful API access confirmed in developer documentation. | |
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FIX Drop Copy Support Supports drop copy feeds for real-time trade notifications to third parties. |
FIX drop copy for trade affirmations is available for third-party notification. | |
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Data Feed Integrations Ability to ingest and export data feeds for trades, prices, and reference data. |
Support for ingestion/export of price, trade, and reference data feeds described. | |
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Open Architecture Easily extensible and modular system design. |
Open, modular architecture is emphasized for extensibility. | |
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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.). |
Support for SWIFT/FpML and other standard protocols referenced under connectivity. | |
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Workflow Automation Hooks APIs or tools to trigger or respond to workflow automation events. |
APIs and workflow integration for automation hooks are described. |
Vendor Support & Service
(8 Yes /8 Known /10 Possible features)
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24/7 Technical Support Availability of live support around the clock. |
24/7 global support is referenced for institutional clients. | |
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Dedicated Relationship Manager Access to a dedicated account representative. |
Named relationship managers are standard for institutional customers. | |
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Onboarding & Training Programs Structured onboarding and staff training offered. |
Onboarding and structured training described in the client onboarding process. | |
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Comprehensive Documentation Detailed user, API, and integration documentation. |
Comprehensive system documentation, API docs, and user guides are available via support portal. | |
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Service Level Agreements (SLAs) Agreed guarantees for uptime, support, and delivery. |
SLAs offered as part of enterprise/corporate support agreements. | |
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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 via multiple channels (live chat, phone, email, portal) is described. | |
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Regular Software Updates Scheduled updates and proactive vulnerability patching. |
Regular updates and vulnerability patching are part of support/service levels. | |
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Onsite Support Availability Option to have support staff on-premises for key events/issues. |
Onsite support options are available for large/institutional event-driven needs. |
Security & Data Protection
(9 Yes /9 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. |
Full data encryption at rest and in transit referenced in security documentation. | |
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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. |
Role-based access controls described as standard for trading, risk, and compliance. | |
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Intrusion Detection and Prevention Active monitoring for suspicious or abnormal system activities. |
Intrusion detection/prevention is referenced under technical and security controls. | |
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Secure Audit Trail Tamper-proof logging of system and user activities. |
Secure audit logs available for all user/system activities. | |
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Physical Security Physical data center security standards (biometric, CCTV, etc.). |
Descriptions of hosting standards reference robust physical security controls. | |
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Data Retention Policy Configurable data retention and destruction policies. |
Explicit mention of data retention/destruction policies in legal and compliance docs. | |
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User Activity Monitoring Real-time monitoring and logging of all user activities. |
Real-time monitoring and logging of user activity are compliance platform features. | |
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Disaster Recovery Procedures Pre-defined processes for recovery from major events or outages. |
Disaster recovery processes and regional resiliency described as enterprise features. | |
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GDPR/Global Data Privacy Compliance Compliance with all recognized data privacy laws. |
Platform lists GDPR and global data privacy law compliance. |
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