An Execution Management System (EMS) is a system dedicated to the efficient and timely execution of trade orders. Distinct from an OMS, the EMS provides traders with sophisticated tools—such as real-time market data, charting, and access to Algorithmic Trading strategies and SOR—to optimize where and how an order is filled. Where an OMS manages the lifecycle of an order as a whole, the EMS manages only the execution lifecycle ensuring that the order is executed as per the instructions and workflow from an origionating OMS.