Trade services utility Omgeo has launched Omgeo Connect, designed to provide pre-integrated connectivity to the DTCC/Thomson joint venture and other third-party post-trade systems across various asset classes via an application service provider (ASP) environment.
To develop the service, Omgeo partnered with software vendor Fundtech and worked with a group of five investment managers who have agreed to use the system. The company has not revealed the names of the firms.
The first investment manager client is using the single technology window to connect to Omgeo's Central Tade Matching utility for cross-border settlement. Omgeo plans to take an interative approach to developing the service, and says it will add support for its US domestic ETC service Oasys, DTCC Deriv/Serv, other third party services, and non-STP interactions by the end of 2006.
The initial release of Omgeo Connect is designed for investment managers with large, multiple asset class trading volumes and complex environments. Future releases will extend value to additional market segments including investment manager outsourcers who are looking to consolidate multiple investment manager operations onto a single platform.
The ASP service makes use of existing Fundtech user interface, workflow and rules technology.
"Partnering with Fundtech was all about getting fast time to market. Fundtech already had the proven capabilities in foreign exchange and Swift settlement management that complements Omgeo's post-trade processing expertise," says Steve Matthews, managing director, strategic business development at Omgeo.
Omgeo claims that Omgeo Connect will eliminate the inefficiencies typically associated with complex trading environments, including the use of multiple systems, disparate data sources and manual processes.