[ S U R V E Y
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E X E C U T I O N
M A N A G E M E N T
S Y S T E M S ]
Figure 3: Most Important Features
Feature
% of Respondents (*)
2014 2015 2016 2017 2018
No. of Connections to Different Brokers 45.2 51.7 34.9 40.1 41.9
No. of Asset Classes Covered 28.0 21.2 24.7 29.9 23.3
No. of Direct Connections to Venues 24.8 22.0 19.1 19.1 16.7
No. of Types of Algorithms Available 33.8 22.9 26.0 25.3 23.4
Timeliness of Implementing Updates 28.0 23.7 24.7 26.2 21.5
Connectivity with Internal Systems 56.7 49.2 45.6 47.2 37.0
FIX Capabilities 14.6 21.2 14.9 15.7 14.4
Low Latency 19.1 24.6 20.9 24.1 24.4
Global Client Coverage 24.2 28.8 27.4 24.1 24.1
Post implementation Client Service 37.6 41.5 41.9 41.4 39.6
Ease-of-Use N/A N/A N/A N/A 70.1
Integration with OMS N/A N/A N/A N/A 29.6
(*) Each respondent named up to four important features
Figure 4: Number of Providers Used
# Providers % of Respondents
Figure 5: Average Number of Providers by Size
Size of Respondents % of Respondents
2014 2015 2016 2017 2018
2014 2015 2016 2017 2018
1 65.1 59.3 56.3 34.0 55.9
< $0.5 Bn 1.43 1.23 1.55 1.67 1.39
2 18.9 26.3 30.7 36.0 3 11.8 6.8 8.4 15.1 30.0 $0.5 to $1.0 Bn 1.50 1.51 1.50 2.01 1.38
10.7 $1.0 to $10 Bn 1.66 1.73 1.67 1.82 1.60
4 3.0 5.1 2.8 5+ 1.2 2.5 1.9 8.8 1.9 $10 to $50 Bn 1.37 1.92 1.67 2.21 1.81
6.1 1.5 > $50 Bn 1.81 1.74 2.06 2.38 1.99
systems are prioritising an EMS that sits well along-
side their OMS of choice.
One of the most interesting findings of this year’s
survey can be seen in Figure 4, which records the
number of EMS providers respondents use. There has
been an evident shift over the last 12 months for buy-
side firms to consolidate the number of providers they
use, with over half of respondents having now selected
an exclusive EMS provider of choice, while just under
one-third of respondents indicated they are using two
providers for EMS.
68 // TheTrade // Autumn 2018
The trend shown in last year’s survey for multiple
providers has been reversed and this may have been
a case where buy-side firms were evaluating their
options ahead of the MiFID II go-live date, particu-
larly among those firms that were using three to four
providers in recent years.
Almost 83% of respondents in this year’s survey said
that they had no plans to onboard additional EMS pro-
viders from those they were already using, while 80%
said they were not considering replacing their current
provider(s) altogether. Of those that did say they were