Which of the following systems tracks the progress of each order throughout the system?

An Order Management System (OMS) is specifically designed to manage the order lifecycle and track the progress of each order from initiation to execution. This system facilitates the entry, processing, and fulfillment of orders, ensuring that every step—such as routing, allocation, and confirmation—is recorded and monitored.

In an OMS, users can oversee order statuses, manage any changes to the order, and ensure compliance with regulations. It typically integrates with other systems to provide real-time updates on order fulfillment and assists firms in optimizing their order execution strategy.

In contrast, while an Execution Management System focuses more on the execution aspect of trades and may provide information related to order execution, it does not necessarily track the entire lifecycle or progress of orders as comprehensively as an OMS. An Instant Messaging System primarily serves communication purposes and does not track order progress. A Trading Terminal is generally used for the execution of trades and monitoring market data rather than for tracking the order itself through the various stages of processing.

Thus, the Order Management System is the appropriate answer because it encompasses all functionalities required to adequately monitor the progress of each order throughout its lifecycle.