Market review
n The 2016 Execution Management System Survey
those using two or three
have grown. In the meantime while more than half of
users still only use a single
system, as Figure 4 shows
their number is falling. This
appears to reflect a use of
different systems for different asset classes, rather than
using multiple systems to
trade a single asset class.
Similarly larger clients, as
shown in Figure 5 do appear
to use more systems on
average than smaller ones.
The difference however is
perhaps not as pronounced
as might be anticipated.
Greater focus is also
as one respondent put it, “a
genuinely global all asset
class capability.” While many
providers offer more than
one asset class, and some
have added more, it is clear
that the kind of fully com-
prehensive capability that
could be used by the largest,
highly diversified asset man-
agers is still not yet available.
This probably explains the
fact that the average number
of EMS capabilities has
increased slightly in 2016.
While the number of
respondents using a very
large number of systems (i.e.
4 or more) has declined,
10 20 30 40 50 60 70 80 90 100
0 10 20 30 40 50 60 70 80 90 100
Other
Foreign exchange
Fixed income
Listed derivatives
Equities
Percentage of respondents
2014
2015
2016
FIGURE 6: ASSET CLASSES TRADED
