November 04, 2025 - Buy-side demands for cutting-edge front-office technology are spurring investment by trading systems providers in automation, artificial intelligence (AI), and digital assets.
Top providers of order management systems (OMS) and execution management systems (EMS) are prioritizing research and development aimed at meeting their clients’ growing appetite for innovative solutions.
“OMS and EMS providers are working to simultaneously future-proof core functionality of their systems and develop new, modern solutions using AI and other emerging technologies,” says Audrey Costabile, Senior Analyst in Market Structure & Technology at Crisil Coalition Greenwich and author of OMS and EMS innovation: Where providers are investing.
Tracking Innovation in OMS/EMS
To date, R&D efforts by OMS and EMS providers have had the biggest impact in listed and vanilla products, where providers have rolled out enhancements to workflow interoperability and data automation, and are implementing more nascent trading and portfolio management tools using AI/machine learning (ML), generative AI, and low code/no code solutions.
Innovation has been most consistent in OMS, where vendors are working to embed generative AI applications in portfolio research, optimization, and large dataset management and consumption. Some providers are also making the shift from rules-based trading to AI/ML-enabled execution decision support tools.
Continued innovation could open new opportunities for providers who harness emerging technology most successfully.
“Specialized multi-asset class OMS and EMS solutions providers have the potential to gain market share by using advanced technology to delve deep into the nuances of over-the-counter derivatives, and exotic and newer products,” says Audrey Costabile. “We believe these companies will continue to innovate, alongside a few industry namesake providers.”
Leapfrogging Capabilities
Currently, few multi-asset class OMS and EMS providers have added cryptocurrency trading, reporting, and analysis tools to their arsenal. However, providers are working to build out capabilities in these areas. Data in the report reveals that some innovations, such as automated decision support, are more mature in crypto EMS applications than fixed income.
“As investment and trading in cryptocurrency and digital assets evolve, buy-side firms should keep an eye on R&D efforts by systems providers, since we expect architecture built on newer rails to foster some capability leapfrogging,” says Audrey Costabile.
OMS and EMS innovation: Where providers are investing presents the results of a recent study in which the firm interviewed professionals at OMS and EMS providers, as well as buy-side end users, about front-office technology solutions. The report leverages data from that study to analyze the maturity and adoption of innovations in trading, reporting, and analysis tools embedded in OMS and EMS solutions.