Boston-based Macgregor has released its XIP 7s order management network (OMN) featuring over 250 extensions to the traditional OMS that enable asset managers to connect with counterparties and access services that reside outside of the firm.
XIP 7s is able to support a firm's execution process from portfolio decision through to settlement by connecting all internal and external parties involved, says the vendor. The process-oriented system combines software based on a service-oriented architecture with a network-based service grid.
Macgregor says 30 clients have selected the new technology and an additional seven are in production. Clients can access over 250 different services on the grid including FIX-based trade execution services, prime brokerage, data and analytics services.
Steven Levy, president and CEO, Macgregor, says: "In our OMN, the software and the network function as a single system, and all the services and integration are supported from front to back."
Levy says XIP 7s allows asset managers to develop new services and capabilities that reflect their unique execution process requirements and incorporate them into the front-end of the system.