{"id":117493,"date":"2025-06-03T15:17:00","date_gmt":"2025-06-03T19:17:00","guid":{"rendered":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-evolution-of-sell-side-execution-management\/"},"modified":"2026-01-16T16:43:03","modified_gmt":"2026-01-16T21:43:03","slug":"the-evolution-of-sell-side-execution-management","status":"publish","type":[3762],"link":"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-evolution-of-sell-side-execution-management\/","title":{"rendered":"The evolution of sell-side execution management"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d76b8b656cb'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\t\t\t<\/div>\n\n\t\t\t<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">The evolution of sell-side execution management<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/category\/trading\/\" rel=\"category tag\">\n                    Trading\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/365376363-2.jpeg\" class=\"bbg-single-image__image attachment-full\" alt=\"Stock market movements\" title=\"Stock market movements\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d76b8b722b3'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">June 3, 2025<\/p>\n\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\t\t\t<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    \t\t<div class=\"bb-tts\" \n\t\t\tdata-selector=\"main\"\n\t\t\tdata-label=\"Speak this page\"\n\t\t\tdata-custom-play=\"Play\"\n\t\t\tdata-custom-pause=\"Pause\"\n\t\t\tdata-custom-stop=\"Stop\" \n\t\t\tdata-overlay=\"false\" \n\t\t\tdata-invert=\"false\"\n\t\t\tdata-no-time=\"false\"\n\t\t\tdata-no-button-text=\"false\"\n\t\t\tdata-one-button=\"true\"\n\t\t\tdata-one-style=\"true\"\n\t\t\tdata-hide-stop=\"true\"\n\t\t\tdata-voice=\"Gordon\"\n\t\t\tdata-pitch=\"1\"\n\t\t\tdata-speed=\"1\"\n\t\t\tdata-align=\"flex-start\"\n\t\t>\n\t\t<\/div>\n\t\t\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed' data-anchor='row-69d76b8b74a1f'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    \t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><span class=\"TextRun SCXW130010065 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW130010065 BCX0\">Few areas of sell-side operations have changed as much as trading floors in recent decades. To put these changes in context, <\/span><span class=\"NormalTextRun SCXW130010065 BCX0\">let\u2019s<\/span><span class=\"NormalTextRun SCXW130010065 BCX0\"> examine where the biggest changes have occurred \u2013 the way deals are made. How has the industry evolved, and what technologies are banks using for the next step in this evolution?<\/span><\/span><span class=\"EOP SCXW130010065 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\t\t\t<\/div>\n\n\t\t\t\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d76b8b778ae'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-3\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px;\">PRODUCT MENTIONS<\/span><\/strong><\/p>\n\t\t\t<\/div>\n\n\t\t\t\n<div\n  id=\"cta_7133292175528712391\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/solutions\/banks-broker-dealers\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Solutions for Banks and Broker Dealers\"\n        >\n                      Bloomberg Solutions for Banks and Broker Dealers\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>\n<div\n  id=\"cta_7906443170429959473\"\n  class=\"wpb_content_element bbg-cta no-icon\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p left\">\n      <a\n        class=\"bbg-cta-link link\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/products\/trading\/execution-management-system\/trade-ems\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"Bloomberg Trade EMS (TEMS)\"\n        >\n                      Bloomberg Trade EMS (TEMS)\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div><div\n    class=\"bbg-spacer\"\n        style=\"height: 32px !important\"\n    >\n<\/div><hr class=\"bbg-separator bbg-separator-1\" style=\"height:1px;\" \/>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-1\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6\"\n    style=\"\"\n    >\n    \t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2><span class=\"TextRun SCXW120272571 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW120272571 BCX0\" data-ccp-parastyle=\"heading 2\">Rise of deal-making technologies<\/span><\/span><span class=\"EOP SCXW120272571 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Digitalization in banking saw significant advancements in the 1980s and 1990s. During this period, banks started adopting electronic systems to manage accounts and transactions, reducing the need for manual and paper-based processes. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">By the early 2000s, digitalization further shifted trading to electronic structures, increasing efficiency and enabling faster and remote transactions that reduced the need for face-to-face interactions. That period saw the following advancements:<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">The rise of algorithmic trading,<\/span><\/b><span data-contrast=\"auto\"> which upped the ante by enabling traders to transact according to pre-programmed instructions based on a wide range of variables including volume, price and time.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"1\" data-list-defn-props=\"{&quot;335552541&quot;:1,&quot;335559685&quot;:720,&quot;335559991&quot;:360,&quot;469769226&quot;:&quot;Symbol&quot;,&quot;469769242&quot;:&#091;8226&#093;,&quot;469777803&quot;:&quot;left&quot;,&quot;469777804&quot;:&quot;\uf0b7&quot;,&quot;469777815&quot;:&quot;hybridMultilevel&quot;}\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><b><span data-contrast=\"auto\">Data-driven digital automation, <\/span><\/b><span data-contrast=\"auto\">which significantly enhanced both the speed and volume of deal-making while also mitigating the risk of human error within the process.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n\t\t\t<\/div>\n\n\t\t\t\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed' data-anchor='row-69d76b8b7c115'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Discover more with Bloomberg newsletters<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Subscribe now<\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_2389911263041053510\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  class=\"bbg-row-container\">\n\t<section\n\tclass='bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed' data-anchor='row-69d76b8b824cb'\t>\n\t\t\t\t<div class=\"\n\t\tbbg-row--content\t\t\"\n>\n\t\t\t\t\t\t<p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <p>\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><span data-contrast=\"auto\">As automation became more widespread, investors and their counterparts sought additional methods to utilize the increasing amounts of data available and improving technology for competitive advantage. One such development was high-frequency trading, which utilized advanced digital networks and high-powered computers to facilitate faster trade execution on exchanges.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Fixed-income traders have also improved their technological capabilities to increase the speed and efficiency of operations. However, some transactions still rely on personal interactions between buyers and sellers.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This is changing lately, as artificial intelligence and sophisticated software have begun enabling banks to price requests for quotes by quickly finding highly correlated trades within their growing pools of historical trading data. Additionally, they have been able to automate more liquid trades that meet specific criteria, thus freeing traders from routine activities to focus on higher-value transactions that require more customized expertise.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Additionally, technology enabled the sell-side to trade more quickly and efficiently and has provided them with workflows to help\u00a0fulfil their regulatory responsibilities. As regulatory frameworks governing banking operations expanded, particularly following the global financial crisis of the late 2000s, and Bloomberg has developed solutions to ensure that banks can access and manage the necessary data to meet the requirements of financial regulators.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\t\t\t<\/div>\n\n\t\t\t\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2><span class=\"TextRun SCXW16028785 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW16028785 BCX0\" data-ccp-parastyle=\"heading 2\">Sell-side trading execution in the new phase<\/span><\/span><span class=\"EOP SCXW16028785 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:160,&quot;335559739&quot;:80}\">\u00a0<\/span><\/h2>\n\t\t\t<\/div>\n\n\t\t\t\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<p><span data-contrast=\"auto\">Following the rapid advancements in the past two decades, we are at another critical juncture for how technology is transforming deal-making. <strong>Dan Tsou<\/strong>, Head of Sell-Side Execution at Bloomberg, observes: &#8220;Technology has brought sell-side trading to a new threshold today, one that has emerged from the convergence of a new set of challenges.&#8221;<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Among these challenges Tsou points to regulatory requirements, including the reserve of larger capital buffers against financial distress, which are becoming more complex and change frequently.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">At the same time, buy-side traders are diversifying their activities<\/span><span data-contrast=\"none\">,<\/span><span data-contrast=\"auto\"> utilizing automation to realize efficiency gains and trading in more asset classes, placing additional pressures on the sell-side to match ever-more complex orders at a faster pace and in greater volumes.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201c<\/span><span data-contrast=\"none\">Mandatory regulatory changes and resource constraints are significantly reducing discretionary spending, while emerging innovations are generating a growing pipeline of necessary projects &#8211; forcing firms to do more with less<\/span><span data-contrast=\"none\">,\u201d says Tsou<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Consequently, banks are looking to wring more efficiency from their operations. By seizing on artificial intelligence-driven models and automation processes, they seek to mine insights from their own trading data to inform future transactions, obtain more accurate pricing, monitor more markets and execute at the lowest possible cost.\u00a0<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">They are also looking to complement their information with data from outside their own systems to give them a holistic view of markets and the risks they carry in pursuit of gaining an edge over their competitors.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n\t\t\t<\/div>\n\n\t\t\t\t\t\t<div\n\t\t\tclass='bb-wysiwyg ' style=''>\n\t\t\t<h2><span class=\"TextRun SCXW165909136 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW165909136 BCX0\" data-ccp-parastyle=\"Default\" data-ccp-parastyle-defn=\"{&quot;ObjectId&quot;:&quot;272499da-5523-5969-b17c-4f82c0ce3910|1&quot;,&quot;ClassId&quot;:1073872969,&quot;Properties&quot;:&#091;201342446,&quot;1&quot;,201342447,&quot;5&quot;,201342448,&quot;3&quot;,201342449,&quot;1&quot;,469777841,&quot;Times New Roman&quot;,469777842,&quot;Arial Unicode MS&quot;,469777843,&quot;Arial Unicode MS&quot;,469777844,&quot;Times New Roman&quot;,201341986,&quot;1&quot;,469769226,&quot;Times New Roman,Arial Unicode MS&quot;,268442635,&quot;30&quot;,469775450,&quot;Default&quot;,201340122,&quot;2&quot;,134233614,&quot;true&quot;,469778129,&quot;Default&quot;,335572020,&quot;1&quot;,335551500,&quot;0&quot;,335559738,&quot;160&quot;,469778324,&quot;Normal&quot;&#093;}\">Streamlinin<\/span><span class=\"NormalTextRun SCXW165909136 BCX0\" data-ccp-parastyle=\"Default\">g <\/span><span class=\"NormalTextRun SCXW165909136 BCX0\" data-ccp-parastyle=\"Default\">t<\/span><span class=\"NormalTextRun SCXW165909136 BCX0\" data-ccp-parastyle=\"Default\">rad<\/span><span class=\"NormalTextRun SCXW165909136 BCX0\" data-ccp-parastyle=\"Default\">ing<\/span><span class=\"NormalTextRun SCXW165909136 BCX0\" data-ccp-parastyle=\"Default\">, k<\/span><span class=\"NormalTextRun SCXW165909136 BCX0\" data-ccp-parastyle=\"Default\">eeping accuracy<\/span><\/span><span class=\"EOP SCXW165909136 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288,&quot;335572071&quot;:0,&quot;335572072&quot;:0,&quot;335572073&quot;:0,&quot;335572075&quot;:0,&quot;335572076&quot;:0,&quot;335572077&quot;:0,&quot;335572079&quot;:0,&quot;335572080&quot;:0,&quot;335572081&quot;:0,&quot;335572083&quot;:0,&quot;335572084&quot;:0,&quot;335572085&quot;:0,&quot;335572087&quot;:0,&quot;335572088&quot;:0,&quot;335572089&quot;:0,&quot;469789798&quot;:&quot;nil&quot;,&quot;469789802&quot;:&quot;nil&quot;,&quot;469789806&quot;:&quot;nil&quot;,&quot;469789810&quot;:&quot;nil&quot;,&quot;469789814&quot;:&quot;nil&quot;}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Achieving the level of <\/span><span data-contrast=\"auto\">customization<\/span><span data-contrast=\"auto\"> and interoperability between internal systems and external data and models necessary to achieve the goals outlined above is not an easy task.<\/span><span data-contrast=\"auto\"> \u201cTechnology is changing faster than ever at a time when the discretionary spending power of banks remains at a low. The question for them now is how can they attain the capabilities that will enable them to prosper in this new era of technological opportunity and rising competition, complexity and demands?\u201d says Tsou.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This can be achieved by implementing solutions that let banks streamline their execution processes, accelerate transactions, and provide the most accurate pricing possible.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">To that end, Broadway Technology, which was acquired by Bloomberg in October 2023, added transformative technology to elevate trading performance and modular access to Bloomberg\u2019s Sell-Side products. Now, Bloomberg\u2019s sell-side offering provides banks full flexibility to accelerate system performance with co-location services and streamline execution workflow across their entire trading system stack<\/span><span data-contrast=\"auto\">.<\/span> <span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The technology layer combines trading solutions and exceptional connectivity built on API-based open architecture, all of which provide the flexibility and foundations for further proofing banks\u2019 tech stacks.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">\u201cBloomberg Trade EMS (TEMS) is a shift from Bloomberg\u2019s buy-and-use model to a more flexible buy-and-build approach\u201d explains <strong>Shabd Swarup<\/strong>, <\/span><span data-contrast=\"auto\">EMEA Head of <\/span><span data-contrast=\"auto\">Broadway Professional <\/span><span data-contrast=\"auto\">Services<\/span><span data-contrast=\"auto\">. \u201cThis empowers banks to design tailored combinations of data, technology and infrastructure that align with their unique trading strategies and operational needs.\u201d <\/span><span data-contrast=\"auto\">At the heart of these new capabilities is <\/span><span data-contrast=\"auto\">The Toc<\/span><span data-contrast=\"auto\">, which is the advanced application aggregation and workflow engine. The Toc allows banks to seamlessly integrate their proprietary data and models with external intelligence and technologies, creating a cohesive trading environment. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">This scalable, high-performance distributed computing product has supported major financial institutions for more than two decades, enabling them to integrate their proprietary algorithms -their own secret sauce- with broader datasets and analytics models. Now, with <\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/products\/trading\/execution-management-system\/trade-ems\/\">Bloomberg Trade EMS (TEMS)<\/a><span data-contrast=\"auto\">, firms can use The Toc alongside Bloomberg\u2019s comprehensive suite of tools and services to achieve greater flexibility, interoperability and performance across their trading infrastructure. <\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:160,&quot;335559740&quot;:288}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">While currently used in fixed income execution management, the underlying technology is designed to extend across other critical sell-side functions<\/span><span data-contrast=\"none\">, i<\/span><span data-contrast=\"none\">ncluding order management and risk management<\/span><span data-contrast=\"none\">, <\/span><span data-contrast=\"none\">enabling deeper integration throughout the full trading lifecycle. As <\/span><span data-contrast=\"none\">these soluti<\/span><span data-contrast=\"none\">o<\/span><span data-contrast=\"none\">ns<\/span><span data-contrast=\"none\"> evolve<\/span><span data-contrast=\"none\"> alongside the market<\/span><span data-contrast=\"none\">, there is <\/span><span data-contrast=\"none\">significant<\/span><span data-contrast=\"none\"> opportunity to unlock even greater value<\/span><span data-contrast=\"none\"> across<\/span> <span data-contrast=\"none\">sell-side teams<\/span><span data-contrast=\"none\">.<\/span><\/p>\n<p><span data-contrast=\"auto\">Learn more about <\/span><a href=\"https:\/\/www.bloomberg.com\/professional\/products\/trading\/execution-management-system\/trade-ems\/\">Bloomberg Trade EMS (TEMS) here<\/a><span data-contrast=\"auto\">.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\t\t\t<\/div>\n\n<\/div>\n\t\t\t\n\t\t<\/div>\n\t<\/section>\n<\/div>\n<div  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This article explores the biggest shift \u2013 how deals are made. How has the industry evolved, and what technologies come next?<\/p>\n","protected":false},"author":1935,"featured_media":104986,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"457","footnotes":""},"categories":[457,453,444],"tags":[3807,603,634,3668,3736,3735,531,526,3774,3805,445,747],"series":[],"class_list":["post-117493","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-markets","category-trading","tag-apis","tag-ai-machine-learning","tag-automation","tag-cloud","tag-data-integration","tag-data-usage","tag-electronic-trading","tag-fixed-income","tag-order-management","tag-pre-trade-management","tag-sales-and-trading","tag-sell-side","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The evolution of sell-side execution management | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"Few areas of sell-side operations have changed as much as trading floors. This article explores the biggest shift \u2013 how deals are made. How has the industry evolved, and what technologies come next?\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/professional.content.cirrus.bloomberg.com\/professional2023\/insights\/financial-services\/the-evolution-of-sell-side-execution-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The evolution of sell-side execution management | Insights | Bloomberg Professional Services\" \/>\n<meta property=\"og:description\" content=\"Few areas of sell-side operations have changed as much as trading floors. This article explores the biggest shift \u2013 how deals are made. 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