Execution Management System
Execution management systems (EMSs) are software applications designed to provide access to trading venues. They contain an array of broker algorithms, market data and technology that enables traders to execute and analyze their trades globally. EMSs today offer execution capabilities across asset classes, and many have been fully integrated with Order Management Systems.
Historically brokers operated their own single dealer EMS platforms, but as they've become multi-broker most brokers have divested themselves of their EMS platforms. Today they are typically either independent (TORA, FlexTrade, TradingScreen, Eze) or owned by market data vendors (Thomson Reuters REDI, Bloomberg EMSX, Factset's Portware), though some brokers like UBS with PIN, Instinet with Newport, ITG with Triton and JP Morgan with Neovest continue to own and operate their own EMSs.