This report examines the key trends driving buy-side and sell-side demand for execution management systems (EMSs), and how the vendor landscape is evolving to keep up with client needs. The EMS client base is consolidating on both the buy-side and sell-side. As the number of consolidation deals grows, so too does the need for firms to be freed from monolithic legacy systems, in favor of a more dynamic and agile technology stack. Chartis believes that the way forward is with a virtualized trading technology stack, within a cloud-native infrastructure, where interoperable microservice containers can be swapped in, and out, in favor of customized solutions that best suit the needs of increasingly disparate regional and remote trading teams.