Agency broker ITG has launched a hosted order management system (OMS) for institutional investors, which provides real-time market data, FIX connectivity and disaster recovery functionality.
The web-based system, ITG OMS, will let buy-side firms avoid resource-intensive infrastructure implementation traditionally associated with such systems, with the potential for faster upgrades.
"This hosted solution enables institutional investors to use all ITG OMS functionality via a web-based application, reducing IT spending without sacrificing stability, flexibility or performance," said Will Geyer, managing director and head of platforms for ITG.
"This innovation enables smaller asset managers and hedge funds to deploy ITG OMS, while larger institutions will be attracted by the built-in disaster recovery capabilities and FIX redundancy."
The OMS, previously known as Macgregor XIP, is already in use by one asset manager, Affinity Investment Advisors. The firm's COO, Jeff Randolph, said the system let his firm spend more time on client-specific issues, rather than technology.
"The hosted solution provides us with all of the functionality of ITG OMS without the need to purchase or lease dedicated servers and commit in-house information technology staff to support the platform," Randolph said.