wilmott.com

we always have a choice to either develop our own OMS (order management system) or buy off the shelf. Both has it's pros and cons. Due to limited resources and limits time to go live, lot of people decide to buy off the shelf products in the beginning. 
At an early stages, I am looking to buy an off the shelf product as well. As I start my research on google for the available products, I was amazed to see so many products available and all off them offer various features. Some supports very low frequency trading to limited product types etc. I couldn't find a one place comparison of these products to help me select one that will match my needs. I am mainly interested in a connectivity solution to brokers and not interested in a GUI platform. We will develop our own platform with automated trading capabilities. We need a product which has connectivity to various brokers, support for various products etc and a good API with sufficient call backs for order management. 

My requirements are as below: 
 1. Multi asset support (Equities, futures, FX, commodities)
 2. DMA and Algo support
 3. Coverage of global markets (exchanges, ECNs)
 4. coverage of brokers (lead brokers in each region, country etc)
 5. 24/7 support and support for adding new features/products/markets etc
 6. cost 

Could you share your experiences with products, or you think is a good product or some comparison?

Regards,
madjoe

Flextrade and Inforeach are two well established OMS providers with experience connecting to most brokers globally. Depending on the breadth of your requirements, their offerings can sometimes be costly.

If you're dealing directly with the broker's electronic desks there is no reason you couldn't handle connections yourselves (or rather get the broker to deal with the faff) if you did go down the proprietary route.

QuickFix is a sound, bare bones FIX engine impementation if you wanted to start on that path. I'm not aware of any fully open source OMS projects, but of course OMS implementations can be quite custom depending on the services that need to "hang" off them!

http://www.quickfixengine.org/

I would stay away from Flextrade if your sanity is important to you. It's run by a bunch of hackers, I'm surprised these guys are in business. I can tell you more than one horror story about these guys .... 

Maybe those guys should go on the Truebran.

Maybe those guys should go on the Truebran.

It's Truebrain, Truebrain as in "brain" !!!! 
Perhaps, they are not the only one who can benefit from it ....