The Middle-office covers a set of functionalities following the execution of an order where necessary Fees, Commissions and Allocations are assigned and then agreed (matched) with the client prior to the trade being submitted to the back office application for settlement. These includes post-trade risk management, institutional middle-office workflows such as (fund) allocations, booking, commissions management, compliance and regulatory reporting, and reconciliation (with back-office). Some of the OMS systems manage a large part of the Middle-office workflow (as a distinct, or fully integrated system), including institutional middle-office workflows and regulatory reporting.