FX order management technology has seen growth in popularity in recent years from a wide range of venues and banks. In light of the growing emphasis on this technology, Barracuda FX has rolled out OMSCloud, which constitutes the newest component of its services suite that operates as a one-size fits all solution for banks’ OMS needs.
Indeed, there is a large demand for order management system (OMS) technology from the institutional FX space. In trying to help address this industry need, Barracuda FX’s new OMSCloud service will aim to empower banks that previously did not have access to OMS technology or simply could not support complex FX orders.
Leveling the playing field?
Kieran Fitzpatrick, CEO of Barracuda FX commented: “We are delighted to launch our OMSCloud product, which offers banks active in the FX market a quality, affordable and robust OMS technology solution. As the market leader in FX OMS we are proud to be able to offer solutions for all FX Banks, irrespective of their size or resources.”
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As such, OMSCloud will also reconcile bank’s needs to outsource OMS technology through larger venues’ single dealer platforms. This could represent an important stroke for smaller players in the industry, given that OMSCloud effectively empowers banks of all sizes that previously were seen as less established players.
Previously, most small and mid-sized banks had to use dated or high-risk manual processes for their orders, or simply outsource their order books to larger banks using single bank platforms. These options also reflect inherent risks, as they can potentially unearth vulnerabilities or expose the bank to economic, market, and reputational risk via a lack of transparency, client service issues, and mitigated efficiency.
By harnessing the cloud, OMSCloud, small and mid-sized banks will look to streamline their FX orders in ways that only larger players typically did previously. While it is too soon to say if OMSCloud can rewrite the pecking order in the broader industry, the innovation is a welcome step needed to enable better order management.
“We are delighted to launch our OMSCloud product, which offers banks active in the FX market a quality, affordable and robust OMS technology solution. As the market leader in FX OMS we are proud to be able to offer solutions for all FX Banks, irrespective of their size or resources,” explained Mr. Fitzpatrick.