Today, the sell-side OMS market has all the characteristics of a mature one: low margins, years of consolidation, and even a few major market exits. Moreover, as the broker-dealer market continues to consolidate, sell-side OMS vendors face a limited set of prospective clients. Yet, in recent years, due to certain factors, the market has begun to move again.

ION’s acquisition of Fidessa alongside Bloomberg’s sunsetting of its Sell-Side Execution and Order Management Solutions for equities (SSEOMS), albeit occurring several years ago, have stirred change in the market. Competing vendors in the sell-side equities OMS market continue to benefit from these two events as former clients of both look for replacement solutions. On the sell-side, Bloomberg has shifted focus to investing in its fixed income solutions, the acquisition of a portion of Broadway being part of this.

The move to 24-hour trading is another positive tailwind for the industry. As US stock exchanges prepare to open up trading beyond normal market hours, brokers and market makers will need to expand their trading operations, which should translate into additional technology spend. Many are expected to employ a “follow-the-sun” approach where trading activity gets handed off from a desk in New York, to say, California, and later Hong Kong, then somewhere in Europe.

As a result of these forces, Opimas expects this slow-growing market to get a slight boost. Opimas estimates that internal and external spending on sell-side OMSs reached nearly US$6 billion in 2025, growing by a combined CAGR of 3% from 2020 until 2025. We forecast spending to reach around US$7.6 billion in 2030, growing slightly faster between 2025 and 2030, at a combined CAGR of 5% (Figure 1).

In addition to these themes, the report lays out recent mergers and acquisitions activity, market exits, and new solution launches. It also provides a landscape overview and comparison of the different sell-side OMS solutions. Lastly, the report discusses the future of the sell-side OMS market.