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 by nature and only fixable 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 model.
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
Real-time P&L, exposure, and performance attribution across positions and strategies.
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
Order management, front to back.
End-to-end order workflow from capture to execution, with native execution, OTC templates, and AI exception management on one event stream.
fairEx integration, no FIX bridge
Orders route directly to Ediphy's fairEx execution venue without a FIX bridge, eliminating re-keying at execution and delivering zero-reconciliation STP from order entry to fill.
FAIREX · ZERO-REKEY · STP
OTC templates and new instrument registration
Structured order capture with OTC templates for complex instruments. New instruments registered and made available for trading without a code release or vendor ticket.
OTC · TEMPLATES · SELF-SERVICE
FIX-in / FIX-out: third-party EMS and venues
Connect any third-party EMS or venue via standard FIX protocol. liveBook accepts inbound orders from external systems and routes outbound to any FIX-capable venue.
FIX · EMS · VENUES
AI exception management: broker chats to tickets
Broker chats and emails parsed directly into structured OMS tickets without manual re-keying. AI exception management flags and routes breaks automatically.
AI · EXCEPTION · AUTOMATION
Front-to-back on one event stream
Front, middle, and back office share a single event stream, providing one source of truth from order entry to settlement. No reconciliation between subsystems.
EVENT-DRIVEN · UNIFIED · REAL-TIME
Cross-asset book of record.
Equities, fixed income, OTC derivatives, and FX in a single book, with enterprise risk and real-time attribution.
Equities, fixed income, derivatives, and FX
Cross-asset coverage in a single book of record, with equities, fixed income, OTC derivatives, and FX managed together, and no parallel systems or end-of-day reconciliation between asset silos.
EQUITIES · FIXED INCOME · FX · DERIVATIVES
Global Security Master
Pre-populated reference data for millions of globally traded instruments underpins accurate trade booking, compliance checks, and P&L attribution from day one. No manual instrument setup on first trade.
REFERENCE DATA · INSTRUMENTS · DAY-ONE
Historical VaR, scenario analysis, factor risk
Enterprise risk module: historical VaR, volatility, scenario VaR, factor risk attribution, and limit monitoring. Separately licensed; equivalent to standalone risk manager tooling.
VAR · SCENARIO · FACTOR RISK
Standard shock library and bespoke scenarios
Stress testing with a standard shock library across all asset classes. Bespoke scenario analysis provides custom stress tests beyond standard shocks.
STRESS TEST · SHOCKS · SCENARIOS
Real-time P&L and performance attribution
Real-time P&L, exposure, and performance attribution across positions and strategies, updated continuously as executions arrive rather than reconstructed overnight.
REAL-TIME · P&L · ATTRIBUTION
Live IBOR and trade lifecycle.
The live Investment Book of Record as the operational backbone, with trade lifecycle management and historical analytics built in.
Live IBOR: real-time positions and cash
Real-time positions, cash, and inventory are updated on every execution event, with no batch windows or stale books. The Investment Book of Record is the live system, not a nightly artefact.
IBOR · REAL-TIME · NO BATCH
AI co-pilot for exception management
Flags allocation breaks, settlement fails, and position drift; routes each automatically to the right desk. AI co-pilot reduces manual intervention in middle-office exception workflows.
AI · EXCEPTIONS · ROUTING
Historical analytics and P&L workflow
Daily VaR, volatility, performance attribution, and period-to-date P&L. Flash and final P&L workflow built in. Historical analytics without a separate reporting system.
HISTORICAL · VaR · FLASH P&L
Dividends, corporate actions, and option expirations
Trade lifecycle management tracks dividends, corporate actions, partial unwinds, option expirations, and financing ladders end-to-end. Proactive alerts cover upcoming lifecycle events.
CORPORATE ACTIONS · LIFECYCLE · ALERTS
Tax lots, FI accrual, and capital management
Tax lot tracking by purchase date and price. Accrued interest calculated on fixed income positions. Fund and portfolio manager capital management with live-IBOR enforcement of fund-level limits.
TAX LOTS · ACCRUAL · CAPITAL
STP from order to settlement.
Event-driven straight-through processing with zero manual touchpoints from execution to settlement confirmation.
Event-driven straight-through processing
Event-driven STP from order to settlement with zero manual touchpoints. Execution, allocation, confirmation, and settlement all flow automatically on the same event stream.
STP · ZERO MANUAL · EVENT-DRIVEN
Fund administrator ABOR integration
Fund administrator ABOR integration supports NAV calculation, fund accounting, and reconciliation against administrator records, automated and continuous rather than a nightly batch.
ABOR · NAV · FUND ACCOUNTING
REST settlement adapters; SWIFT
Settlement via REST custodian adapters for direct connectivity. SWIFT settlement messaging.
REST · CUSTODIAN · SWIFT
Post-trade affirmation: DTC, Markitwire
Post-trade affirmation and confirmation via DTC OMGEO and Markitwire, covering equities and OTC derivatives.
DTC · MARKITWIRE · AFFIRMATION
Prime broker margin management
Margin calls, tracking, and prime broker reconciliation are managed within liveBook, with no separate spreadsheet workflow for PB margin.
PRIME BROKER · MARGIN · RECONCILIATION
Compliance by construction.
MiFIR is an architectural property of liveBook, not a bolt-on. Regulatory records are system records.
MiFIR by construction: RTS 22 event-sourced
MiFIR compliance is an architectural property, not a module. Event-sourced RTS 22 transaction reporting means the regulatory record is the system record, with nothing reconstructed or written separately.
MIFIR · RTS 22 · BY CONSTRUCTION
fairCT reconciliation breaks in real time
Executions are automatically matched against EU Bond CT prints. Discrepancies are surfaced to compliance in real time, and no competitor OMS operates a tape-grade reconciliation layer at execution level.
FAIRCT · CT · RECONCILIATION
fairCT liquidity signals on every ticket
CT-derived bond-level liquidity data and quality flags are embedded on every order ticket. Portfolio managers see liquidity context at the point of decision, not in a separate tool.
LIQUIDITY · BOND-LEVEL · BLOTTER
Best-ex evidencing and in-flow TCA
Best-execution evidencing and in-flow TCA on every ticket at pre-trade, at-execution, and post-trade stages. No overnight reconstruction. The regulator's questions are answered by the same data layer that runs the platform.
TCA · BEST-EX · IN-FLOW
Audit trail by design: the event store
The event store is the audit trail. Nothing is reconstructed or written separately; every order, execution, and position change is immutably recorded in the sequence it occurred.
AUDIT · IMMUTABLE · EVENT STORE
EMIR, AIFMD Annex IV, Form PF, CPO-PQR, and MAS
Multi-jurisdiction regulatory filing support for EMIR, AIFMD Annex IV, Form PF, CPO-PQR, and MAS reporting.
EMIR · AIFMD · FORM PF
Cloud-native, API-first, enterprise-grade.
Designed to meet Tier-1 AM procurement requirements, including BYOC, open APIs, Excel integration, and full data warehouse connectivity.
Event-driven architecture with full replay
Cloud-native, event-driven architecture with full replay and regulatory re-run by design. The event log is the source of truth, so any historical state can be reconstructed deterministically.
CLOUD-NATIVE · EVENT-DRIVEN · REPLAY
SaaS or BYOC: one codebase
SaaS or Bring Your Own Cloud (BYOC) on one codebase. BYOC meets EU financial institution data-residency requirements. Most competitors offer hosted or on-premise only; liveBook offers both with identical functionality.
SAAS · BYOC · DATA-RESIDENCY
Open APIs for risk, brokers, and custodians
API-first architecture: plug in risk modules, brokers, custodians, reporting layers, and custom pricing and analytics engines via the Ediphy Pricing service. Open integration, not vendor lock-in.
REST · API · OPEN
Excel add-in
Direct Excel integration for portfolio managers and risk teams. Meets Tier-1 AM procurement requirements.
EXCEL · PM · RISK
Report builder
Scheduled and ad hoc report delivery in CSV, PDF, and XLS. Full BI and data warehouse connectivity. Flexible tagging and attribution.
REPORTS · BI · CSV
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 | – | |
| Enterprise risk module (VaR, scenario, factor) | Separate module / extra cost | |
| Trade lifecycle management (corp actions, etc.) | – | |
| AI exception management | – | |
| fairCT reconciliation breaks | – | |
| In-flow TCA (no overnight reconstruction) | – | |
| Audit trail by design (event store) | – | |
| Flash and final P&L workflow | – | |
| Pre-trade compliance checks (in-workflow) | Add-on module | |
| API-first open architecture | Limited / vendor-gated | |
| OTC templates (self-service instrument registration) | – | |
| Front-to-back on one event stream | – |
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, with 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.