DTCC and Thomson firm up Omgeo STP bid

DTCC and Thomson firm up Omgeo STP bid

The Depository Trust & Clearing Corporation (DTCC) and Thomson Financial have appointed five banking board members to serve on the board of straight-through processing joint venture company Omgeo. In addition, Adam Bryan has been named the new president and CEO, replacing Howard Edelstein, who has stepped down.

The new company has been set up to provide cross-border STP services to broker dealers, custodians and investment managers in 37 countries. Omgeo will be plying for business in the same space as the Global Straight Through Processing Association.

Joining the nine-member Omgeo board are:
* Alexander Lamont, formerly director of international operations and control for the equity trading department of FMR Co;
* Jurgen Marziniak, chief executive officer, global securities services at Deutsche Bank AG;
* Eileen Murray, chief administrative officer, Morgan Stanley Dean Witter's international securities group;
* Thomas Perna, senior executive vice president, The Bank Of New York; and
* Diane Schueneman, first vice president, Merrill Lynch Investment Managers.

Omgeo's Board will also include two representatives each from DTCC and Thomson Financial. Representing the DTCC will be Jill Considine, DTCC chairman and CEO, and Robert McGrail, DTCC managing director of new business ventures. The first appointee from Thomson Financial is chief operating officer Sharon Rowlands.

Bryan, who joins Omgeo as president and CEO effective upon regulatory approval, is the chief operating officer of the broker/fund management group of Thomson Financial, a position he has held since May 2000. Prior to this, Bryan was chief operating officer of the company's post-trade processing unit, Thomson Financial ESG.

Robert McGrail, Omgeo's chairman, says the new company will soon be ready for launch. "We expect regulatory approval shortly and we'll begin by leveraging the existing capabilities and customer bases (15,000 custodian banks, investment manager and broker/dealers) of Thomson's electronic trade confirmation business with DTCC's depository trade matching business," he says.

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