Enterprise: liveBook
liveBook,
the live Investment
Book of Record.
A next-generation OMS built around a live IBOR. True cross-asset consolidation, native automation and analytics workflows, and native MiFIR best-execution evidencing, wired directly into fairEx for zero-reconciliation STP. Compliance-aware by design.
The product
Why liveBook.
The differentiator is the live Investment Book of Record: positions, cash, exposure, and P&L stay synchronised with execution in real time, not via end-of-day batch reconciliation.
For portfolio managers, the blotter reflects the market as it actually is, live to the last execution. For compliance, every print is captured and reconciled at source. liveBook is what the IBOR becomes when it stops being a nightly artefact and starts being a live system of record.
REGULATOR VIEW
We were concerned to find that most firms had failed to take on board the findings of our thematic review. The pace of change in improving client outcomes in best execution was slow, with few firms having a cohesive strategy for improving client outcomes.
– FCA · Investment managers and best-execution oversight review
The problem
Legacy OMS platforms are
structurally misaligned with the modern desk.
Firms relying on legacy OMS platforms, often built 10 to 15 years ago, face escalating operational friction. Originally engineered for a single asset class, these systems were never designed for the multi-asset, real-time, electronically complex environment that defines modern institutional trading. The result: siloed architectures that force parallel systems, swivel-chair workflows between OMS and EMS, end-of-day batch processing that leaves the IBOR perpetually out of sync, and rigid codebases that make even a compliance rule change a vendor project. liveBook is the clean-break alternative.
Four constraints your current OMS imposes.
Each of these is a structural property of legacy platforms — architectural, so it can only be fixed by design.
Siloed, asset-class-specific systems
Originally built for equities, legacy platforms struggle with the microstructure of fixed income and OTC derivatives, forcing firms to run parallel, disconnected systems that compound technical debt.
FRAGMENTED · MULTI-VENDOR
The swivel-chair problem
Rigid boundaries between OMS and EMS force portfolio managers and traders to jump between screens constantly, multiplying manual re-keying risk and introducing execution delays that legacy vendors have treated as an accepted constraint.
OMS · EMS · MANUAL
Batch processing and data latency
End-of-day batch cycles leave the Investment Book of Record perpetually out of sync. Cash positions are inaccurate intraday. Inventory updates are delayed. Real-time decision-making is impossible on stale data.
EOD · IBOR · LATENCY
Rigid workflows and high change costs
Hard-coded logic means adding a compliance check, a new routing rule, or a fresh data feed requires slow, expensive vendor development. Product direction sits with the vendor.
VENDOR-LOCK · RIGID
Designed for your desk
Built around how your
operation actually works.
liveBook is a cloud-native, event-driven OMS engineered from the ground up. Whether you are a tier-1 global asset manager running a "Buy and Build" API-first model, a multi-strategy fund replacing a fragmented legacy stack with a cloud-native all-in-one, or a systematic shop that needs microstructure-aware analytics across template-based OTC and listed derivatives, the platform adapts to your operating model rather than forcing you to adapt to its constraints.
Aligned to your operating model.
Three operating models, each supported natively.
Buy and Build; API-first enterprise
A true "Buy and Build" framework. Use the open, API-first architecture to plug liveBook into your existing proprietary strategies and models, and specialised external risk modules, without being locked into a monolithic vendor roadmap.
API-FIRST · OPEN · EXTENSIBLE
Cloud-native SaaS replacement
Replace fragmented legacy stacks entirely. liveBook is an all-in-one, event-driven platform with true cross-asset STP, a real-time live IBOR, and unified workflows across front, middle, and back office, eliminating the need for batch reconciliation.
SAAS · LIVE IBOR · UNIFIED
Microstructure-aware, template-driven OTC
Purpose-built for pre-trade microstructure analytics across listed and OTC venues. Microstructure-aware analytics across listed and OTC venues, template-driven handling of complex derivatives, and rich pre-trade decision support for portfolio managers operating systematic strategies at human speed.
MICROSTRUCTURE · TEMPLATES · OTC
Four capabilities that define
a modern OMS.
Each addresses a structural failure mode of legacy platforms.
True cross-asset consolidation
A single unified platform handling highly electronic equities alongside the complex, voice- and RFQ-driven world of fixed income and derivatives. Geographic and asset-class silos are broken down into one golden source of truth, no parallel systems, no reconciliation.
CROSS-ASSET · UNIFIED
AI-enhanced exception management
AI-augmented exception management with full human transparency. liveBook accelerates human workflows by intelligently managing exceptions, mapping mismatched data fields, and parsing unstructured inputs, broker chats, emails, into actionable OMS tickets without manual re-keying.
EXCEPTIONS · AUTOMATION · ACCURACY
Predictive portfolio analytics
Beyond historical reporting. The platform predicts cash drag, evaluates market impact pre-trade, and suggests optimal rebalancing strategies based on real-time liquidity profiles, moving from reactive reporting to forward-looking decision support.
PREDICTIVE · LIQUIDITY · PRE-TRADE
API-first open architecture
Built on an API-first microservices architecture. This "Buy and Build" framework lets institutional clients plug in third-party EMS platforms, proprietary strategies and models, or external risk modules via REST and FIX, as self-service configuration.
REST · FIX · MICROSERVICES
Versus the incumbents
A market-structure differentiator.
liveBook is positioned against incumbent OMS platforms, each a credible product, none architected around a live IBOR, native MiFIR best-ex evidencing, or a tape-grade reconciliation layer.
The matrix on the right is feature-level.
| liveBook | Typical legacy OMS | |
|---|---|---|
| Live IBOR (no EOD batch) | – | |
| Cross-asset on one core | Asset-class specific | |
| Native MiFIR best-ex evidencing | – | |
| Tape-grade reconciliation built in | – | |
| Zero-reconciliation STP into execution | – | |
| BYOC deployment available | – |
Comparison reflects structural design differences versus legacy OMS platforms.
Native execution integration
Native into fairEx.
Or into your own desk.
For firms seeking a true Order and Execution Management System (OEMS), liveBook is wired natively into fairEx; Ediphy's multi-venue execution engine – sharing a unified data model. Order staging, execution, and partial fills sync bi-directionally in real time, delivering zero-reconciliation straight-through processing and an immediate feedback loop from the market to the portfolio manager's blotter. For firms with their own internal execution desk, the same OEMS contract is available against your in-house EMS over standard FIX and REST integrations – liveBook treats fairEx as the default execution venue, not the only one.
Risk and P&L that lives
inside the OMS.
liveBook embeds Ediphy pricing analytics natively — risk and P&L computed inside the OMS as positions evolve.
Dynamic margin and exposure
As market volatility shifts, liveBook dynamically recalculates margins, Value at Risk, and exposure limits directly within the OMS, instantly reflected in the PM's pre-trade view, without a separate risk system export cycle.
VAR · EXPOSURE · REAL-TIME
Compliance checks before routing
Pre-trade compliance rules run inside the order workflow, evaluated at the moment of order creation. Investment guidelines, counterparty limits, and concentration checks are resolved before any order is routed.
GUIDELINES · LIMITS · PRE-TRADE
Tick-level P&L from execution
Real-time, tick-level P&L attribution and scenario analysis, allowing portfolio managers to assess the impact of an order on fund performance before the trade is ever routed. The blotter reflects live market reality, not a T+1 reconstruction.
TICK-LEVEL · ATTRIBUTION · LIVE
A compliance-aware OMS.
liveBook ships with the regulatory and analytical capabilities Ediphy already operates at scale; TCA and liquidity scores running on the same data layer, plus native MiFIR best-execution evidencing and transaction-reporting hooks. The market-structure differentiator versus legacy OMS platforms.
Transaction cost analysis, in-flow
Real-time and post-trade TCA running natively on the same data layer as the order. No vendor extract, no T+1 reconstruction, best-execution measurement is computed against the tape at the moment of the fill, then surfaced inside the blotter.
REALTIME · TAPE · IN-FLOW
Bond-level liquidity at point of decision
Ediphy liquidity scores embedded directly in the order workflow, per-bond classification based on how recently N trades of N notional have been observed. Portfolio managers see liquidity context at the point of decision, not in a separate tool.
BOND-LEVEL · POST-TRADE
Best-ex evidencing and reporting hooks
Native MiFIR best-execution evidencing, MiFIR transaction reporting hooks, and fairCT data-quality signals, built into liveBook. The regulator's questions are answered by the same data layer that runs the platform.
MIFIR · TRANSACTION REPORTING · FAIRCT
Compliance + IT diligence
The questions that drive procurement.
OMS replacement projects fail when compliance and IT procurement diverge from the front-office sponsor. The questions below are asked in every diligence cycle, short answers here, long answers in the diligence pack.
Where does live order flow sit? +
BYOC by default, order flow stays inside your cloud perimeter. SaaS is available where speed-to-market is the dominant constraint. Same product, two operating models.
How is best-ex evidence retained? +
The evidence is computed per-print and retained, ready on demand.
How does the live IBOR stay synchronised? +
Event-driven. Positions, cash, exposure, and P&L update on every execution event. The blotter is the system of record.
How are compliance rule changes handled? +
Configuration your compliance team controls. Investment guidelines, counterparty limits, and pre-trade checks are exposed as rule definitions they set directly.
How does liveBook integrate with our existing risk system? +
API-first; REST and FIX integration patterns are documented and standard. liveBook does not require you to retire your existing risk stack; it surfaces its own real-time view alongside.
What is the migration path off our current OMS? +
Phased, historical book lifted first, then desks moved in a controlled sequence with parallel-run windows. Most migrations land inside two quarters from kick-off.
Deployment
SaaS or bring-your-own-cloud,
your architecture, your call.
liveBook deploys as a managed SaaS from Ediphy's production environment, or as a BYOC deployment inside your own cloud, same product, same real-time guarantees, control-plane separation chosen to match your data-residency and security posture. For firms that require absolute control over live order flow within their own perimeter, the BYOC path is the default; for firms prioritising fastest time-to-market and zero operational burden, SaaS is the standard.