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TradeSmart EMS from TS Imagine
Cloud-based, broker-neutral EMS with multi-asset coverage, algorithmic strategies, integrated compliance, connectivity to over 130 brokers and liquidity providers, and real-time analytics.
Product analysis by function
Execution Management Systems (EMS) for Trading Desk
Specialized trading interfaces focused on optimizing order execution through smart order routing, algorithmic trading strategies, and real-time analytics on execution quality and market impact.
More Execution Management Systems (EMS)
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Order Management
(12 Yes /12 Known /14 Possible features)
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Multi-Asset Support Ability to handle order entry and routing across different asset classes (equities, derivatives, FX, fixed income). |
Product claims multi-asset coverage (equities, derivatives, FX, fixed income) as per product site and marketing materials. | |
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Order Staging Allows pre-submission review and adjustment of orders. |
EMS platforms routinely provide order staging; 'pre-trade review' is supported in product documentation. | |
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Order Validation Checks compliance and correctness of order fields and market-specific rules. |
Integrated compliance and pre-trade checks cited as a feature, which requires order validation for compliance and correctness. | |
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Order Enrichment Auto-population of missing order details based on user and market profiles. |
Order enrichment and smart defaults are standard in modern EMS and specifically cited in analyst reviews of TradeSmart. | |
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Bulk Order Handling Supports simultaneous handling and modification of multiple orders. |
Bulk order entry and mass-modification supported; described in product literature and order workflow descriptions. | |
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Parent/Child Order Management Supports splitting and aggregating orders for better execution. |
Parent/child order management features (iceberg, slicing, etc.) are standard for algo routing EMS and referenced in product overview. | |
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Order Modification & Cancellation Allows real-time update and cancel of working orders. |
Order modification (amend/cancel) in real-time is core EMS functionality; explicitly mentioned in UI documentation. | |
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Order Acknowledgment Speed Average time to acknowledge order receipt. |
No information available | |
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Order Capacity Number of orders that can be handled simultaneously. |
No information available | |
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Pre-Trade Risk Controls Pre-submission risk checks to prevent erroneous trades. |
Pre-trade risk controls and compliance checks are a headline feature per product site and compliance whitepapers. | |
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Soft/Hard Limits per Account Predefined exposure and order size limits per trader/account. |
Soft/hard limits per account are supported (risk and compliance module). | |
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FIX Protocol Support FIX message standards for orders and confirmations. |
FIX protocol support is a standard and broker-neutral connectivity is highlighted in the product documentation. | |
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Custom Order Types Ability to define and use broker/dealer specific order parameters. |
Custom and complex order types are available as described in order-entry and algo configuration docs. | |
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Order Expiry and Duration Supports a range of duration parameters (GTC, IOC, FOK, etc). |
Order duration settings (GTC, IOC, FOK, etc.) explicitly defined in support materials. |
Smart Order Routing
(11 Yes /11 Known /13 Possible features)
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Venue Connectivity Direct connectivity to multiple venues (exchanges, dark pools, MTFs, etc.). |
Connectivity to over 130 brokers/liquidity venues provides direct venue/connectivity support. | |
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Smart Routing Algorithms Intelligent algorithms that split and route orders for optimal execution. |
Smart routing, optimal execution, and algo strategies are named in the product's feature set. | |
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Latency Measurement Average time taken from order entry to venue order placement. |
No information available | |
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Venue Prioritization Ability to set routing preferences and priority for venues. |
User-configurable venue preference/rules cited as a differentiator. | |
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Dynamic Routing Automatic adjustment of routing logic based on real-time market conditions. |
Dynamic routing based on real-time market feeds is a listed capability under smart order routing. | |
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Liquidity Seeking Actively searches for hidden and visible liquidity sources. |
Product description claims both lit and dark pool access with liquidity seeking algorithms. | |
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Order Fill Rate Percentage of orders filled as intended via routing logic. |
No information available | |
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Internalization Support Routes flow to internal liquidity pools when available. |
Internalization support for dark/liquidity pools, mentioned under advanced routing. | |
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Cost-Based Routing Consideration of fees, rebates, and commission when routing orders. |
Cost-based routing (rebate/fees) as part of the smart/execution algo settings. | |
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Order Routing Failover Automated rerouting to backup venues upon outage or rejection. |
Failover/rerouting supported as part of resilience and reliability section. | |
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Transaction Cost Analysis (TCA) Integration Real-time feedback of anticipated routing impact on execution costs. |
TCA (Transaction Cost Analysis) integration and post-trade cost analysis is marketing feature. | |
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Customizable Routing Rules Ability to define and update proprietary routing rules. |
Customizable routing rules supported (via workflow/rules engine for routing logic). | |
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Market Impact Mitigation Algorithms designed to minimize price impact when routing large orders. |
Order splitting and slicing for market impact mitigation part of algos portfolio. |
Algorithmic Trading
(9 Yes /9 Known /11 Possible features)
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Pre-Built Algorithm Support Availability of VWAP, TWAP, POV, IS, and other common execution strategies. |
VWAP, TWAP, POV, etc., are standard strategies listed for algorithmic execution. | |
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Custom Algorithm Execution Ability to develop and deploy proprietary algorithms. |
Ability to provide, configure, and deploy custom/proprietary algos via EMS API/partner program. | |
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Algorithm Parameterization Real-time tuning of algorithm factors (urgency, aggression, duration, etc.). |
Parameterization (urgency/aggression etc) is standard in product's algo dashboard. | |
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Real-Time Strategy Switching Switch between strategies mid-execution without order cancel/rebook. |
Switching strategies mid-flight is called out in advanced algo flexibility explainer. | |
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Execution Performance Metrics On-the-fly reporting of algorithm slippage, fill rates, and opportunity cost. |
Product analytic suite claims real-time metrics on algorithmic performance. | |
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Minimum Slice Size Smallest order size an algorithm can work with. |
No information available | |
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Simulations and Replay Ability to test and backtest algorithms on historical data. |
Backtesting and historical market data replay are discussed under simulation tools/features. | |
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Market Impact Modeling Engine for estimating real-time and forecasted impact of the execution. |
Market impact modeling is an advanced analytics function offered in premium package. | |
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Real-Time PnL Tracking Live profit and loss calculations for working algorithmic orders. |
Real-time P&L tracking is present in the trading blotter and analytics. | |
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Support for Conditional/Triggered Orders Algorithms can be set to trigger based on specific market conditions. |
Conditional/triggers for algorithms (e.g. limit price, volume) found in order entry workflow. | |
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Algorithm Flexibility Number of parameters that can be customized per algorithm. |
No information available |
Real-Time Data & Analytics
(11 Yes /11 Known /12 Possible features)
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Level 1 & 2 Market Data Access to basic quote and order book depth across supported venues. |
Product supports Level 1 and Level 2 market data across venues. | |
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Execution Quality Dashboards Visual dashboards of order fill quality, speed, and efficiency. |
Execution analytics dashboard is a core part of TradeSmart EMS. | |
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Customizable Analytics Widgets Build and manage custom analytics panels. |
Custom analytic widget creation described in product release notes. | |
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Real-Time Latency Tracking Tracks round-trip latency from order entry to fill confirmation. |
Analytics includes real-time latency tracking (latency displays in dashboard). | |
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Slippage Analysis Computation of trading slippage for all trades and orders. |
Slippage analysis is included in post-trade analytics and broker comparison. | |
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Benchmark Comparison Compare executions to VWAP, TWAP, or custom benchmarks. |
Benchmarking to VWAP, TWAP, etc. mentioned as included in analytics. | |
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Alerting on Anomalies Real-time alerts on outlier fills, delays, or disconnections. |
Real-time system and trading anomaly alerts described in workflow documentation. | |
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Market Impact Analysis Measurement and visualization of price impact by order. |
Market impact analysis (price performance attribution) included in analytics. | |
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Historical Data Analytics Ability to analyze execution quality over user-defined periods. |
Historical reporting/period analytics for execution quality available. | |
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Real-Time Data Refresh Rate How often data on dashboards updates. |
No information available | |
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Custom Filter & Query Tools Advanced filtering and segmentation for analytics and reporting. |
Advanced filtering/query tools for analytics/reports are described. | |
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Export to External Tools Ability to export analytics/reports for use in other platforms. |
Export to Excel/CSV and API for reporting described. |
User Interface & Usability
(10 Yes /10 Known /12 Possible features)
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Customizable Layouts Flexible dashboards, workspaces, and widget placements. |
Customizable layouts and workspaces part of the product's UI flexibility. | |
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Hotkeys/Keyboard Shortcuts User-configurable shortcuts for fast order entry and navigation. |
Hotkey and quick-action configurations available in the UI preferences. | |
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Multi-Monitor Support Can be displayed and used efficiently on several monitors. |
Multi-monitor deployment mentioned in both sales and technical documentation. | |
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Dark/Light Mode Switch between UI color schemes to reduce eye strain. |
Dark/light mode toggle standard in UI controls. | |
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Drag-and-Drop Order Management Moving and modifying orders within the UI via drag-and-drop. |
Drag-and-drop order handling in working order blotter as per UI screenshots. | |
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Real-Time Updates Immediate reflection of all order and price changes in the UI. |
Immediate/blotter UI updates described as instantaneous/UI refresh. | |
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Personalized Watchlists Create and monitor lists of preferred instruments. |
Personalized symbol watchlists are a standard feature in the trading workspace. | |
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Notifications & Alerts Popup, email, and desktop alerts for key events. |
Desktop/pop-up/alert setup supported for fill, price, and system events. | |
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Accessibility Features Support for assistive technologies and compliance with accessibility standards. |
No information available | |
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Search and Filter Abilities Quickly locate orders, symbols, or market data. |
Search and filter for orders and symbols is present in the workspace. | |
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Language and Localization Support Support for multiple languages, date/time, and numbering formats. |
No information available | |
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User Preference Storage Ability to save and load UI/workspace preferences. |
User preference workspace layouts are saved per user profile. |
Integration & Connectivity
(11 Yes /11 Known /12 Possible features)
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API Access Programmable APIs for system integration and automated workflows. |
REST and FIX APIs for data access and integration described in documentation. | |
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FIX & Proprietary Protocols Supports standard (FIX, FAST) and custom protocols for electronic connectivity. |
Supports FIX, REST, and proprietary protocols with brokers and downstream integration. | |
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OMS Integration Interoperability with common order management systems. |
OMS integration with major platforms listed (cross-referenced in integration partner list). | |
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Back Office Integration Seamless push/pull of data for post-trade and compliance reporting. |
Back office and compliance integration supported, see post-trade workflow architecture. | |
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Market Data Vendor Integration Interfacing with third-party real-time and reference data sources. |
Integration with Bloomberg, Refinitiv, etc., for market and reference data stated on website. | |
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Third-Party Algo Support Plug-in or access execution algorithms from external providers. |
Third-party algorithm integration mentioned for broker algos. | |
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Trade Flow Throughput Maximum sustainable trade messages per second. |
No information available | |
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Low Latency Connectivity Ultra-low latency network technology for high-speed trading. |
Ultra-low latency connectivity highlighted as a benefit for high-speed trading. | |
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Secure Connectivity Encryption and authentication for all external communications. |
All connections are encrypted and authenticated, as described in security section. | |
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Cloud/On-Premise Deployments System can be deployed both on client premises and in the cloud. |
Available as both SaaS/cloud and on-premise per vendor site and deployment guides. | |
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Event Streaming Support Integration with event streaming platforms (Kafka, Pulsar, etc). |
Event streaming via Kafka and similar supported for enterprise integrations. | |
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Data Import/Export Utilities Bulk upload/download of trades, historical data, and logs. |
Data import/export as CSV and API uploads/downloads described. |
Risk Management & Compliance
(11 Yes /11 Known /11 Possible features)
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Real-Time Risk Checks Order-level risk controls performed prior to submission. |
Real-time risk checks at order and account level are integral to EMS/pre-trade compliance. | |
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Credit & Margin Controls Portfolio and account-based checks for capital sufficiency. |
Credit/margin controls for pre-trade risk evaluation in compliance/risk module. | |
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User Entitlement Management Granular control over user permissions and roles. |
User and role-based entitlements described in admin/security documentation. | |
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Automated Rule Enforcement Custom rules for market, client, or regulatory compliance. |
Automated rule enforcement for regulatory and client compliance detailed in compliance workflows. | |
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Market Access Control Ability to restrict trading on certain markets or instruments. |
Market/instrument access can be restricted by admin and compliance controls. | |
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Outlier/Abnormal Activity Detection Detection and flagging of aberrant trading patterns. |
Abnormal/off-market activity checks and alerts built into surveillance tools. | |
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Surveillance and Audit Trails Comprehensive capture of user, order, and system events for audit. |
Comprehensive order/event/user audit trails listed in product security/compliance documentation. | |
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Pre-Trade and Post-Trade Compliance Checks Integration of compliance rules at multiple lifecycle points. |
Pre/post-trade compliance checks covered in regulation compliance overview. | |
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Regulatory Reporting Automation STP generation and submission of transaction reports (MiFID II, CAT, etc). |
Automated regulatory report generation (MiFID, CAT, etc.) is specifically supported. | |
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Exception Handling Workflows Prioritize, review, and resolve non-standard risk or compliance events. |
Exception/review workflow for non-standard risk events available as part of compliance features. | |
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Data Masking and Redaction Sensitive information automatically masked for unauthorized users. |
Data masking/redaction for unauthorized users mentioned under privacy/data protection. |
Performance & Reliability
(7 Yes /7 Known /10 Possible features)
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System Uptime Percentage system is available during scheduled trading hours. |
No information available | |
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Failover and Disaster Recovery Automated recovery and switchover to backup systems. |
Automated failover and disaster recovery referenced in resiliency/product operations FAQ. | |
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Horizontal Scalability Ability to scale out across multiple nodes or servers. |
Horizontal scalability supported by cloud-native/distributed architecture. | |
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Order Processing Latency Time from order input to execution confirmation. |
No information available | |
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Throughput Capacity Maximum sustained number of trades/orders per second. |
No information available | |
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Automated Monitoring Health checks and real-time alerts for resource utilization and system errors. |
System monitoring and alerting described in both sales and IT admin manuals. | |
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Load Balancing Support Trade and order processing distributed to balance server load. |
Workload balancing support for cloud and on-premise deployments. | |
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Scheduled Maintenance Windows Ability to plan minor/major system updates with minimal trading impact. |
Scheduled downtime update windows possible, referenced in support/maintenance section. | |
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Real-Time System Health Dashboards Immediate visibility into application/server status. |
Real-time system and server health dashboard described in product materials. | |
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Automated Backup Processes Regular backup of configuration, logs, and order data. |
Automated backups described under IT/data protection documentation. |
Security & Data Protection
(10 Yes /10 Known /10 Possible features)
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Multi-Factor Authentication Supports MFA for all user logins. |
Multi-factor authentication supported as part of security module. | |
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Encryption at Rest and in Transit Data encrypted both in storage and during communication. |
Encryption at rest and in transit is listed as standard data protection. | |
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Role-Based Access Control User access enforced at role/group level. |
Role-based access control supported at multiple levels (UI, API, order entry). | |
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Time-Based Session Lockouts Auto-logout after defined periods of inactivity. |
Time-based lockout after inactivity setting referenced in support docs. | |
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Audit Logging Immutable logs track all actions and changes. |
Audit log immutability and compliance is called out under security and audit. | |
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Data Loss Prevention Safeguards and controls to prevent unauthorized data exfiltration. |
Data loss prevention (DLP) mechanisms are mentioned in enterprise security profile. | |
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Integration with Identity Providers Supports SSO and directory integration with corporate identity management. |
Integration with external IdPs (Okta, SAML, etc.) for SSO is available. | |
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IP Whitelisting and Network Restrictions Control over which IP addresses/networks can access platform. |
IP address whitelisting and network access controls/segmentation described in compliance section. | |
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Secure Credential Storage All user credentials are stored in encrypted format. |
Secure credential storage in encrypted format is described in security overview. | |
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Penetration Testing & Vulnerability Scans System regularly scanned and tested for security weaknesses. |
Regular penetration/vulnerability testing described as part of vendor's security regimen. |
Audit, Reporting & Record Keeping
(8 Yes /8 Known /10 Possible features)
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Full Audit Trail Comprehensive logs of every user, order, and system event. |
Full audit trail provided for compliance and regulatory obligations. | |
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Automated End-of-Day Reporting Generation and delivery of trading, position, and exception reports. |
Auto EOD reporting described in workflow/operations product guides. | |
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Custom Report Builder Tool for creating ad hoc reports using all available data fields. |
Ad hoc/custom report builder described in reporting features. | |
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Regulatory Reporting Templates Pre-built formats for MiFID, CAT, EMIR, Dodd-Frank, etc. |
Regulatory reporting formats included (MiFID, EMIR, etc.), stated in compliance documentation. | |
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Long-Term Archiving Retain all data/events in compliance with regulatory timeframes. |
Long-term data archiving adheres to regulatory storage requirements. | |
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Report Delivery Scheduling Automated email/dropbox/file transfer of scheduled reports. |
Report delivery via scheduled email/file server is a supported feature. | |
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Custom Export Formats Output data in multiple formats (CSV, XML, JSON, PDF, etc.). |
Exports supported as CSV, XLSX, PDF, XML, and JSON. | |
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Searchable Audit Logs Quickly find key events or actions in audit history. |
Audit logs are searchable in the UI and via admin API. | |
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Data Retention Period Length of time records are stored and retrievable. |
No information available | |
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On-Demand Report Generation Speed Average time to generate standard reports. |
No information available |
Support, Maintenance & Vendor Services
(10 Yes /10 Known /10 Possible features)
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24/7 Technical Support Round-the-clock access to vendor's technical assistance. |
24/7 phone and online support referenced in SLA and vendor service description. | |
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On-Site Support Availability Ability to dispatch experts to client’s premises as needed. |
Enterprise contracts allow for on-site expert dispatch per agreement. | |
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Help Desk & Ticketing System Online system for users to submit, track, and resolve issues. |
Online help desk/ticketing system referenced in support docs. | |
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Comprehensive User Documentation Includes user manuals, technical references, and how-to guides. |
Comprehensive user/technical/vendor documentation linked directly from platform and support portal. | |
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Training Programs Onboarding and ongoing training options for staff. |
Training and onboarding programs available for clients as referenced on website. | |
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Regular Feature Updates System improvements and patch releases on a regular schedule. |
Product receives regular updates and feature releases, communicated via client portal. | |
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Custom Development Services Vendor offers customizations specific to client requirements. |
Vendor offers custom development, integration, and workflow tailoring as stated in partnership material. | |
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Service Level Agreements (SLAs) Guaranteed response and resolution times as per contract. |
SLA service contracts available for response/resolution time commitments. | |
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User Community and Forums Access to peer forums, knowledge base, and best practices. |
User community forums and online best-practices knowledge base accessible to clients. | |
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Change Management & Release Notes Notification and documentation of changes in new versions. |
Change log and release notes published with every platform update. |
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