BBH and Omgeo partner for post-trade service
02 October 2007 | 4748 views | 0
Omgeo and US private bank Brown Brothers Harriman (BBH) have collaborated to link their post-trade communications platforms through a single interface.
The partnership will make Omgeo's allocations and matching infrastructure, Omgeo Connect, and BBH Infomediary, the bank's post-trade communications platform, available via a single connection.
Prior to this agreement, buy-side customers were using separate processes for trade allocation and matching, settlement notification to custodians and settlement management. The two partners hope that the new service will consequently help their clients to reduce cost, operational risk and trade failures.
One of the first users of the new service is investment manager Nicholas-Applegate Capital Management.
"A single, integrated platform for international and domestic trade processing and exception management has been a core objective within our operations group for some time," says Chris Cieri, senior vice president and director of Operations at Nicholas-Applegate. "Our work with Omgeo and BBH as a pilot firm for this functionality is allowing us to realise that objective."