Trade management utility Omgeo says that 105 investment managers are now live on Oasys-TradeMatch, the company's central matching service for US domestic securities, with 100 more in the pipeline.
The number of live users on Oasys-TradeMatch has more than doubled since January 2002, says the vendor, with volumes growing by 70%. In addition, Dynamic Mutual Funds has become the first Canadian investment manager to use the STP service.
Adam Bryan, president & CEO of Omgeo says the uptake "signals the industry’s continued support for central matching and STP solutions".
Launched in May 2001, Oasys-TradeMatch provides real-time matching of trade allocations to confirmations. The vendor says internal research indicates that clients are not only experiencing higher same day affirmation (SDA) rates, but are also seeing a decrease in the number of failed trades. According to the research, Oasys-TradeMatch users have only two out of 1000 trades fail versus confirm/affirm users that have nine out of 1000 trades fail.
Oasys-TradeMatch user Tremaine Atkinson, COO of LSV Asset Management, says: "We are now affirming 90% of our US equity trades on T+0 and far less than 1% result in exceptions."
While the domestic market for same-day affirmation shows signs of life, Omgeo's cross-border Central Trade Manager utility continues to be a harder sell, with only ten investment managers so far live on the system. In November, the vendor released an Internet interface to the platform in an effort to reduce implementation times and kick-start uptake.