The Data Driven OMS of Today and Tomorrow

Steve Grob, Founder & Medan Gabbay, Chief Revenue Office - Vision57 and Quod Financial

The Evolution of Order Management Systems: Insights from FinTech Focus TV with Medan Gabbay and Steve Grob

In the latest episode of FinTech Focus TV, hosted by Toby Babb, we delve into the dynamic world of Order Management Systems (OMS) and the evolution of technology in the capital markets space. This episode features two notable guests: Medan Gabbay, Chief Revenue Officer at Quod Financial, and Steve Grob, Founder of Vision57. Together, they share their insights into the current and future state of OMS, focusing on how automation, data integration, and technological innovation are reshaping the financial services industry. For anyone interested in financial technology, trading systems, and the future of OMS, this conversation is packed with invaluable insights.

Exploring the Legacy of Order Management Systems

One of the key themes of the episode is the conversation around legacy OMS platforms. Steve Grob notes that for years, these systems have dominated the capital markets space, but they are now reaching their limits. As he describes, legacy OMS platforms are often tied to "the problems of the past," which means they are fundamentally designed to address issues that were prominent in capital markets years ago, such as workflow management and booking orders. However, today's world of trading is increasingly data-driven, and the needs of modern traders have drastically shifted.

Medan builds on this, explaining that legacy OMS platforms were not created with the vast data requirements of today's trading environments in mind. These systems are not agile enough to handle the explosion of data that capital markets firms now generate and process. Traders need systems that can seamlessly ingest, manipulate, and analyze large volumes of data in real time. As Medan points out, the future of OMS depends on systems that can integrate new data sources and automate complex processes—capabilities that legacy systems struggle to deliver.

The Role of Automation and AI in OMS

A major focus of the discussion revolves around the increasing role of automation and artificial intelligence (AI) in modern trading environments. Steve Grob points out that the OMS landscape has seen a steady rise in the use of AI to handle data-heavy tasks, streamline workflows, and improve efficiency on trading desks. According to both Steve and Medan, AI isn't just a trend—it's a critical component of the future of OMS.

Medan Gabbay emphasises that while AI in OMS is still in its early stages, the potential for automation to improve decision-making and productivity on trading floors is massive. In many cases, traders are bogged down by repetitive tasks that don't add value to the business. Automation through AI can free up traders to focus on high-value activities, such as strategy and execution, rather than managing multiple screens and systems that don't communicate with each other.

The conversation also touches on the importance of being "AI-ready." As Medan explains, many firms talk about implementing AI, but few are truly prepared. Being AI-ready means having an infrastructure capable of processing and analysing data at scale, and it means having systems that are flexible enough to integrate AI technologies as they continue to evolve.

Addressing the Challenges of Data Integration

Data is at the heart of the evolution of Order Management Systems, and both Steve and Medan agree that the ability to integrate and manage vast amounts of data is what will differentiate successful OMS platforms in the future. In fact, Medan notes that the core challenge in today's OMS landscape is no longer workflow management but data management. Traders and firms need systems that can handle multi-asset data in real-time, process it efficiently, and deliver actionable insights that drive better decision-making.

This need for data integration has driven the development of platforms like Quod Financial’s multi-asset OMS, which is designed to provide traders with the tools to handle data across different asset classes while automating key processes. Medan highlights that Quod’s OMS platform allows users to customize their experience to suit their specific needs, enabling firms to create a cohesive trading ecosystem that can easily adapt to new data sources and technologies.

Steve Grob adds that data integration isn't just about handling large volumes of information but also about delivering it in a way that enhances the trader’s experience. Traders, he explains, often work with multiple screens and applications that don’t communicate with each other. This inefficiency reduces their ability to focus on executing trades and making informed decisions. By integrating data in real time, OMS platforms can eliminate these silos and deliver a more unified and efficient trading environment.

The Importance of APIs and Ecosystem Integration

Another critical point discussed in the episode is the importance of APIs (Application Programming Interfaces) in creating more flexible, scalable OMS platforms. As Medan points out, one of the key challenges for legacy OMS platforms is their inability to integrate seamlessly with other systems. In today’s trading environments, it’s essential for different platforms to communicate with each other, allowing firms to build a trading ecosystem that can scale and adapt as market conditions change.

Steve Grob echoes this sentiment, stating that a truly modern OMS must offer the ability to integrate seamlessly with other systems through robust APIs. He stresses that firms no longer want to buy a monolithic solution that tries to do everything. Instead, they are looking for modular systems that allow them to plug in different components based on their specific needs. This "buy and build" approach is becoming increasingly popular, as firms want to avoid being locked into a single vendor or solution.

Medan also highlights how Quod Financial has adopted this philosophy by offering APIs that allow firms to customise and integrate their OMS with third-party systems. This approach ensures that clients can continue to use the best tools for their business while also benefiting from the innovations provided by Quod Financial’s OMS platform.

The Future of OMS: A Collaborative and Data-Driven Approach

As the conversation draws to a close, both Steve and Medan discuss what the future holds for Order Management Systems. They agree that the future of OMS is a collaborative one, where vendors and clients work closely together to build systems that are not only flexible and customisable but also capable of handling the increasing complexity of modern trading environments.

One of the most exciting trends, according to Medan, is the shift towards multi-asset OMS platforms that can handle a wide range of asset classes and integrate data from various sources. He sees this as a key area of growth, especially as firms look to consolidate their trading operations and manage all their activities through a single platform.

Steve, on the other hand, emphasises the importance of culture and innovation. He believes that firms need to partner with vendors who are committed to driving innovation and who understand the challenges that modern traders face. In his view, the most successful OMS platforms will be those that can continuously evolve and adapt to the changing needs of the market, while also providing a seamless and intuitive user experience.

The Role of Technology Recruitment in the OMS Revolution

As we look ahead to the future of Order Management Systems, it’s clear that the OMS landscape is undergoing a significant transformation driven by data, automation, and the need for flexible, scalable solutions. For companies like Harrington Starr, a technology recruitment business specialising in the FinTech space, understanding these trends is critical. As the demand for tech talent in the financial services industry grows, firms will need to find candidates who not only understand the technical aspects of OMS platforms but who can also drive innovation and lead the way in developing new solutions for the capital markets.

By staying ahead of these trends, technology recruitment firms like Harrington Starr can play a key role in helping financial services firms build the teams they need to thrive in this rapidly evolving environment.

Conclusion

This episode of FinTech Focus TV offers a comprehensive look at the future of Order Management Systems, with valuable insights from Medan Gabbay of Quod Financial and Steve Grob of Vision57. As they discuss the challenges and opportunities in the OMS space, it’s clear that data, automation, and flexibility will be the key drivers of innovation in the coming years. For firms looking to stay competitive, investing in modern, scalable OMS solutions is no longer optional—it’s essential.

Whether you’re in the financial services industry or part of the growing FinTech recruitment sector, understanding the trends shaping the future of OMS will be crucial in navigating the challenges and seizing the opportunities that lie ahead.

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