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Omgeo partners with Korean Securities Depository

27 November 2008  |  5900 views  |  0 Omgeo partners with Korean Securities Depository

The Korean Securities Depository is to partner with post-trade utility Omgeo to offer a service bureau for automated trade matching and processing for local investment houses dealing in overseas markets.

The bureau will use Omgeo's Central Trade Manager and Alerts products to enable Korean investment managers to electronically confirm the accuracy of trade details with their counterparties around the globe and automatically enrich them with standing settlement instructions (SSIs).

Additionally, Korean investment managers will be able to receive a Copy for Information of matched trade details from any interested third party via Omgeo's global network of trade counterparties.

Do-Yeal Lee, managing director of deposit settlement service division of the Korean Securities Depository says the cross-border bureau will interface seamlessly with domestic STP infrastructures. "Reducing operational and counterparty risk through automation are key ingredients for the future growth and success of the Korean securities market," he says.

Omgeo has forged direct links with other national depositories in Canada and Japan, as well as in the US market through its relationship with the Depository Trust & Clearing Corporation. The utility has also recently entered discussions with the Brazilian Clearing and Depository Corporation (CBLC).

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