French banking group BNP Paribas has gone live with an integrated trade processing platform that combines Bloomberg's Trade Order Management System (Toms) and Omgeo's electronic allocation service for US trades, Oasys.
The pre-integrated system enables buy side traders and staff to deliver block allocations directly to BNP Paribas' traders on the broker desk. Once the Block trade is electronically confirmed, the system uploads the allocations to Bloomberg, matches them to BNP Paribas' internal data and automatically books the individual trades into the bank's settlement system.
From there, the bank's settlement system will feed DTC ID instantly for the legal matching and confirmation of the trades.
In addition, Omgeo's standing settlement and account instructions database, Omgeo Alert, will automatically enrich allocations with the investment managers' Alert ID which can be linked to the BNP Paribas internal accounts.
Steve Misischia, director of fixed income trade support and client services, BNP Paribas, says: "Until now, we had received our investment managers' allocations via fax or phone, which were then re-keyed into the Bloomberg trading system. The Toms/Oasys interface will help us to streamline our front and back office internal processes as well as enhance communications with our buy-side clients."
Kathy Ball-Toncic, executive director of the Omgeo STP Partners Programme, adds: "The appeal of the Bloomberg/Omgeo product is that we are linking two prominent industry services."