Information Classification: General

Charles River Trader

Charles River IMS provides a comprehensive Order and Execution Management 

System (OEMS) seamlessly integrated with data, FIX connectivity, and trade analytics. 

Extensive trade decision support capabilities help traders find liquidity, execute 

trades across all asset classes and currencies, and helps ensure trades are compliant.

One Solution for the Entire Trade Lifecycle

By combining OMS and EMS functionality, Charles 

River provides the tools traders need to work more 

productively from a single trade blotter. Traders can 

manage trade execution strategies, streamline complex 

workflows into “one-click” execution, act on an entire 

program as if acting on a single order, and monitor market 

data and security updates for active orders.

Charles River IMS eliminates the multiple interfaces, 

fragmented workflows, and order staging problems 

inherent in utilizing separate order and execution 

management platforms. Traders no longer have to switch 

between systems or re-key critical information, helping 

save time and reduce errors. Benefits beyond the trading 

desk include improved compliance and auditing, reduced 

operational risk, and simpler infrastructure.

The OEMS provides a real-time dashboard for managing daily trading operations, workflows and 

execution. Dynamic trade blotter columns visually show real-time data changes — execution status, 

order status and gain/loss — via color and magnitude displays. Within the blotter, traders can 

import orders from spreadsheets or files.

Tight integration with Charles River Compliance allows traders to monitor compliance across the 

entire trade lifecycle. Users can reduce errors and risk by identifying potential issues before a trade 

is executed. Advanced FIX auto-routing evaluates order characteristics, real-time market data, and 

pre-trade TCA calculations, enabling intelligent order routing to preferred venues and brokers. 

Trader also includes an order classification/trade automation engine to allow firms to categorize 

assets for more effective distribution of trading engagement, and auto-routing capabilities to allow 

lower touch orders to proceed to execution hands-free.

Multi-Asset Order and Execution Management

Benefits

· Supports collaboration 

between portfolio managers 

and traders

· Multi-Asset OEMS provides 

both core trading foundational 

elements and curated asset 

class coverage. 

· Automation and streamlined 

operations allow traders to 

focus their attention where 

it’s needed

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Statistics as of July 2023

FIX Network Highlights

Integration with Portfolio Management Activities

Charles River’s OEMS offering connects the trader and portfolio manager through a shared 

platform. Full integration with portfolio management functions helps enable better communication 

between traders and portfolio managers by allowing portfolio managers to monitor the status of 

their orders in real time. 

Global Connectivity

The Charles River Network enables fast and reliable direct 

access between buy-side clients and sell- side brokers. It 

supports global electronic trading via FIX, provides access 

to over 700 global liquidity venues and enables broker 

neutral, low-latency connectivity to all major trading 

destinations worldwide.

Traders can quickly send orders directly from the blotter 

to multi-broker trading venues, crossing networks, broker 

algorithms, program desks, alternative trading systems, 

dark pools, and smart routers. Connections are certified, 

tested and monitored by dedicated Charles River Network 

operations teams.

Charles River offers clients complete FIX software administration, connectivity management 

and support for each sell-side broker and trading destination. These services help eliminate the 

need for client FIX network administration and increase network reliability through continuous 

monitoring and ongoing testing and certification.

Reliable 

point-to-point 

connectivity

Seamless access to 

both broker cash 

desks and algorithms 

ECNs, ATSs, fixed 

income, and FX venues

Monitor IOIs, fills, 

real-time pricing, 

trade, and end to 

end connectivity 

status

Connect via 

dedicated 

telecommunication 

infrastructure

Shared Views for Portfolio 

Managers and Traders

· Real-time shared view of the 

order blotter with trading 

· Event-driven market data and 

order alerts

· Next-gen visualizations

· Fixed income price discovery 

and data aggregation

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Execution Management Capabilities

Our Execution Management framework is linked to both our core order management 

functions and leverages Charles River’s open API capabilities to connect with our 900+ 

partners in our expanded ecosystem. 

Automation Set-Up

Order 

Creation

PM Interaction

Split / Merge

Order State 

Management

Price

Discovery

Live Market Data

Integration

Pre-Trade Analysis

Actionable IOIs

Price Snapping

Execution

Market Connectivity

Trading Montage

Algo Integration

Dark Pool Integration

Broker Wheel

Algo Wheel

Analytics

& Data

Visualizations & 

Charting Packages

Enhanced TCA 

Services

Real-Time Analytics

Event Driven Alerts

Post Trade

Analysis

Post Trade TCA

Venue Analysis

Trade Automation 

Review

Algo / Broker Wheel 

Review

Trade Automation: Low or No Touch

EMS FUNCTIONALITY

Execution Management Highlights

• Algorithmic Trading Integration 

• Automated Order Routing and 

Broker Wheel

• Integrated Watch Lists

• Interactive Level I, Level II Display

• Price Snapping

• Integrated Pre-trade, In-trade 

• Post-Trade TCA Program & 

List Trading Support 

• Direct Sell-Side Integration 

• Short Locate

Statistics as of July 2023

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Charles River Trading Ecosystem

Charles River’s order and execution management ecosystem significantly extends native 

OEMS functionality, enabling firms to seamlessly access their preferred liquidity venues, 

transaction cost analysis (TCA) and application providers directly from Charles River IMS. 

Our order classification and trade automation engine allows firms to categorize assets for 

more effective distribution of trading engagement. Auto-routing capabilities allow lowertouch orders proceed to execution efficiently. Clients can also source internally produced 

algos, data and analytics to help meet the unique demands of their investment process and 

asset mix. 

Statistics as of July 2023

Equity Algo 

Trading 

80+ Brokers

FX Trading

10+ Venues

Trade Analytics 

& TCA 

Order Management Order Generation Engines

Blotter Custom Buttons

Client Trading Signals

Trade Analytics Plug-ins

Customer Defined Allocation 

Internal Data and IP

Execution Management

Cash Management

Trading Compliance

Algo Wheel

Multi-Asset Transaction Cost Analysis

MiFIDII Intraday

Broker Wheel

Inventory Hub

Market 

Data

Fixed Income 

Pre-Trade Data

Futures/

Options Algos

80+ Brokers

Fixed Income 

Trading

10+ Venues

Crossing 

Networks

10+ Venues

Direct Execution 

Futures/Options 

100+ Venues

Primary Market Lifecycle Support

Fixed Income Direct Dealer Integration

3rd Party Tech Native Capabilities Client IP

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One Platform for all Asset Classes

Equities

· Manage orders based on country, level of liquidity and estimated cost impact

· Auto route low touch orders

· Monitor intra-day implementation shortfall in real-time via gain/loss indicators 

and program slippage screens

· Configurable Broker Wheel functionality

· List/portfolio trading enabled

· Enable IOIs, dark pools and integration with block trading and crossing systems

Broker Wheel

· Selects the execution broker and strategy from a list of execution destinations

· Supports equities, futures, options, and fixed income orders

· Configure multiple wheels, with either brokers or execution algos as members of a 

broker wheel

· Specify either equal (random) or custom weighted options for selection 

methodology

· Leverage Approved/Restricted broker rules and specify the number of times the 

broker wheel will re-spin to find a valid destination, when funds are restricted 

from certain brokers

Fixed Income

· Best in Class Price Discovery & Data Aggregation, including trade data such as 

MSRB, TRACE, Inventory/Axes from Neptune, Tradeweb, MarketAxess and 

Direct Dealers 

· Streamlined new issue workflows via certified interfaces with S&P 

InvestorAccess, DirectBooks, Liquidnet, and Tradeweb

· Enable order routing decisions based on Fixed Income specific execution analysis 

metrics

· Connectivity to all major venues, and aggregates quote and inventory data on a 

centralized platform

· End to end syndicated loans functionality

FX/Cash Management

· Efficient FX and Cash management functionality 

· Embedded cash ladder and forecast functionality 

· Integrates with leading global FX execution venues including FXall, FX Connect® 

and 360T

· Auto FX enables easy currency risk hedging

· Easily manage FX forward rolls

· Utilize FX algos for automated execution

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Order Classifications

Low Touch

CFD Hybrid

EMEA

No Touch

FX Block

TRI-PARTY

High Touch

Muni Bond

APAC

Place

Orders

Assign

Paths

Match

Rules

Routing Options

1-CLICK

DESK

LOW TOUCH

NO TOUCH

HIGH TOUCH

Charles River IMS

Execution Suite

Algo / SOR / DMA

Cash / Program

/ Swap Desks

Dark Pools /

Conditionals / IOIs

RFQ / RFS

Dealers / Venues

BROKER

WHEEL

Charles River

Network

Connectivity

Derivatives

· Broad OTC instrument coverage and set up

· SEF connectivity to Tradeweb and Bloomberg 

· Leverage embedded swap valuation and analytics

· Listed Derivative embedded market data 

· Advanced sell-side listed derivative connectivity to brokers and venue 

One Platform for all Asset Classes (Continued)

Trade Automation and Routing

Automation & Classification Framework

· Evaluate order characteristics, market conditions and/or pre-trade TCA 

information to help automate workflows

· Multi-asset classification engine

· Supports broad set of attributes for classification – Order, Security, and 

external data.

· Seamless integration with Auto Routing and Broker Wheel

· Use order classification rules and and/or auto-routing rules using criteria such 

as order size or % ADV to route orders to a specific wheel

Charles River® Development, A State Street Company Information Classification: General

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Information Classification: General

Learn more at crd.com/trading

5865140.1.1.GBL.

Investment firms, asset owners, wealth managers, hedge funds and insurers in more than 30 

countries rely on Charles River’s front and middle office investment management platform to 

manage nearly US$58 Trillion in assets. Together with State Street’s middle and back office 

capabilities, Charles River’s cloud-deployed software technology forms the foundation of 

State Street Alpha®. The Charles River Investment Management Solution (Charles River IMS) 

is designed to automate and simplify the institutional investment process across asset classes, 

from portfolio management and risk analytics through trading and post-trade settlement, with 

integrated compliance and managed data throughout. Charles River’s growing partner ecosystem 

enables clients to seamlessly access external data and analytics, applications and liquidity venues 

that support the demands of their product and asset class mix. Headquartered in Burlington, 

Massachusetts, we serve clients globally with more than 1,250 employees in 11 regional offices. 

(Statistics as of Q2 2023)

Charles River Development, 

A State Street Company

Charles River Development - A State Street Company is a wholly owned business of State Street Corporation (incorporated in Massachusetts). 

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Charles River® Development, A State Street Company Information Classification: General

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