An Order Management System is responsible for a number of things.
First, it has to allow firms to input orders to the system for routing
to the pre-established desitinations. It also has to allow firms to
change, cancel and update orders. When an order is executed, the OMS
has to update its database and send an execution report to the order's
originating firm. An OMS should also allow firms access information on
orders entered into the system, including detail on all open orders
and on previously completed orders. Some management functions of an
OMS might include: establishing and modifying order routing tables,
entering and modifying dividend and stock split transactions, and
processing and managing underwriting functionalilty.