21 Mar 2019
After undertaking a significant due-diligence process, Sova Capital Prime Services is pleased to announce that it has selected IRESS as its chosen 3rd party Order Management System (“OMS”), as well as its post-trade processing and middle office technology provider. This front-end technology will feed all trading data into Sova Capital’s back-office system – Calypso, and onwards to Sova Capital’s proprietary owned back-office reporting product – Sova smart, an online reporting and middle-office trade entry tool for clients.
IRESS will be providing multi-asset, multi-market risk and order management capabilities for all developed markets across US and Europe. From a client Execution Management System (“EMS”) perspective, Sova Capital will remain EMS ‘agnostic’ and continue to work with a variety of EMS providers, allowing clients to choose the best solution that matches their own needs.
Reflecting on the due-diligence process, which started in Q3 of 2018, Grigoriy Kozin – Head of Prime Services, comments: “We selected IRESS after careful consideration of multiple potential vendors. Key considerations were long-term viability, technical functionality and product integration capabilities. IRESS, with its breadth and depth of product capabilities, coupled with its scalable and robust solution ultimately led the way in demonstrating its ability to support our prime services requirement at this key juncture in our expansion strategy”.
Glenn Wilson, Head of Wealth & Trading at IRESS, said: “We’re excited to be working with Sova Capital on this implementation and look forward to enhancing its prime services business with the use of the IRESS order management platform. We believe the combination of our open access model, distributed technology and continued innovation in this area offers a great fit for Sova’s business”.