An Order Management System (OMS) is a specialized platform used by financial firms to create, manage, track and trade orders throughout the entire pre-trade and trade lifecycle. The OMS handles order entry, allocations, risk and compliance checks, and routing orders to an EMS or direct to market and some post trade steps such as reporting or booking, ensuring proper regulatory and operational workflow. An OMS can also handle some specific trading activities, such as Program Trading (PT), Indication of Interest (IoI) Management, Market Making. OMS require data and workflow management for different asset classes.