Thomson Reuters (NYSE:TRI) has teamed up with independent order management system (OMS) provider, Eze Software Group, to help optimize a number of workflows via the Eikon Server API, according to a Thomson Reuters statement.
The partnership will aim to help buy-side clients undergo a number of improvements to their workflows and costs. More specifically, customers will gain easier access to Eikon’s content and data through Eze OMS’ overlay onto a singular unified display.
The Eikon solution is one of Thomson Reuters’ flagship products that helps aggregate and process real-time and historical data, which collectively enable financial markets transactions and connectivity with the financial markets community.
One of the impetuses for the initiative was to eliminate the plausibility of data inconsistencies, which can occur when third-party applications for trade and order management are often fed through different or disjointed data sources. Subsequently, Eikon’s Server API will help mitigate these data discrepancies by ensuring congruent data is used across multiple applications.
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According to Michael Chin, Global Head of Equities at Thomson Reuters, in a recent statement on the partnership, “Integrated workflow is very important to our buy-side customers as it improves efficiency and reduces errors and costs. However, at the same time, they need the flexibility to work with the trading tools of their choice. By being open to working with third-party EMS/OMS providers to fully integrate Eikon data, Thomson Reuters is supporting that choice.”
“Thomson Reuters has a long history of being committed to open standards and partnership. With this latest development our customers benefit from the integration of Thomson Reuters Eikon’s powerful data analytics directly into their order management workflow,” he reiterated.
“Integrating Thomson Reuters Eikon content and data into Eze OMS is consistent with our strategy of providing high-quality, easy-to-access data to our customers seamlessly within their workflow. We are excited to partner with Thomson Reuters in the quest to improve operational efficiencies for our buy-side clients,” added Rob Keller, CFA, Executive Managing Director of Product Management and Development, Eze Software Group, in an accompanying statement.
Earlier this week, Thomson Reuters (NYSE:TSI) expanded its Eikon platform to include a more comprehensive commodities focus, focusing on supply chain data to help better pinpoint financial markets behavior. As a result, Thomson Reuters extended its focus to include additional commodities, including liquid petroleum gas, iron ore, and coal in the near future.