InformationTitleAdvanced OMS FAQsDescriptionBody Executive Summary (TL;DR) This article outlines Orion’s Advanced Order Management System offering, explaining why it was introduced and how recent investments expand order management capabilities for complex trading workflows. It summarizes pricing, key enhancements, and new functionality, such as: - Improved trade‑away processing - Expanded algo support - Centralized trade queueing - Options and short‑trade workflows It also clarifies eligibility and setup requirements, helping firms assess readiness and next steps. What Does This Article Help Solve? Common Real-Life Questions Users Ask about Orion's Advanced OMS "How does Advanced OMS change our current trade-away workflow, especially when routing trades across multiple custodians and a single broker?""What new efficiencies does Advanced OMS introduce for our trade desk compared to the standard OMS experience?""What additional setup or agreement steps are required for firms already using parts of these OMS workflows today?""How do the recent algo, options, and short-trading enhancements fit into an existing Eclipse trading process?" Why Advanced OMS Strengthens Trade Desk Operations Streamline complex trade‑away workflows by consolidating multi‑custodian routing, allocations, and post‑execution data into a single, scalable OMS experience.Reduce manual trade desk effort through enhanced algo processing, clearer broker classification, and more efficient execution across equities, bonds, and third‑party platforms.Centralize advisor and trade desk activity with queue‑based controls that improve oversight, timing, and execution consistency.Expand execution coverage by supporting options and short‑trade workflows generated outside Eclipse while maintaining a unified OMS.Future‑proof order management operations through continued Orion investment in customizable, enterprise‑grade trade desk capabilities. What is the New Advanced OMS? Advanced OMS is Orion’s enhanced order management offering designed to support more complex, enterprise‑level trade desk workflows. It introduces expanded trade‑away processing, deeper algo support, centralized trade queueing, and broader execution coverage for equities, bonds, options, and short trades within a single OMS framework. This offering reflects Orion’s continued investment in scalable, customizable order management capabilities for firms with advanced trading needs. Review Advanced Order Management System for more information. FAQs Q: What is the cost of the offering: A: There is an average daily volume or real-time pricing fee of $6,000. Review Orion Trading: Real Time Pricing for more information. Q: What has led to this new offering being launched? A: Orion has recognized a need for more complex order management workflows. In response to this demand, Orion has invested in new technologies to help trade desks take the next step in their order management capabilities and will continue to reinvest in order management to deliver scalable, customizable, and improved workflows for trade desks. Q: What are the recent improvements to the tool? A: Enhanced trade-away processing Orion has built the ability to trade away multiple custodians to one broker, and includes allocations to the broker and each underlying custodian. This allows trade matching to occur without a 3rd-party tool.Orion is adding commissions, SEC fees, and Settlement data to provide to custodians post execution.Orion can now create files for non-FIX custodians and (if needed) deliver trade and allocation files via SFTPOrion has added better, more streamlined workflows to distinguish which brokers are for Equity vs. Bonds, and can also distinguish which brokers are execution-only, custodians, or 3rd-party platforms like Bloomberg or a trust accounting tool. Q: What are my Algo support options? A: Historically, Orion has only supported sending ALGOs that still require manual intervention by trade desks. Orion can now pass parameters necessary to automatically process ALGOs through trade desks without any trader intervention.Orion is working to add the ability to automatically set ALGOs based on % of ADV in addition to share quantity Q: What is the Centralized Trade Desk Queue? A: Orion is developing a new trade queue that will allow firms to support advisor trading within the same Eclipse instance as the trade desk. Advisor trades will pause on a queue that will be managed by the traders to release orders to the blotter or the market. After-hours trades can also be placed into the queue and released to the blotter when the market opens. Q: What are the Options & Short trading improvements? A: Orion now supports uploading options trades from a file using Eclipse as the execution system. This allows firms that generate options trades through other means to use Eclipse as their OMS.Orion is working on replicating this workflow for short trading, giving more access to execution from other management types. Q: What if I am already using part of this process? A: Orion's new improvements will likely lead to changes in your area of usage either now or in the future. Because of these new investments, your firm will need to sign up for the advanced OMS to utilize the features going forward. Q: How do I get set up? A: There are no additional steps required to begin using the Advanced OMS. In Summary Evaluate Advanced OMS for trade desks managing complex, multi‑custodian, and multi‑broker workflows.Transition trade‑away, allocation, and post‑execution processes into a more streamlined OMS structure.Centralize advisor, trade desk, and after‑hours activity using queue‑based controls to improve execution oversight.Expand execution workflows to include options and short trades generated outside Eclipse while maintaining OMS consistency. Internal Tracking InfoURL NameAdvanced-OMS-FAQs