DTCC buys Thomson Reuters out of Omgeo
24 July 2013 | 8655 views | 0
The Depository Trust & Clearing Corporation (DTCC) has entered into a binding agreement to acquire full ownership of post-trade processing utility Omgeo.
DTCC and Thomson Reuters served as equal owners and strategic partners in Omgeo since its formation in 2001.
Under the agreement, DTCC will take over full ownership of the company, which operates an electronic allocation and central matching engine alongside an account and standing settlement instruction (SSI) database. The company claims 6500 clients and 80 technology partners in 52 countries around the world.
Marianne Brown will continue to serve as president and chief executive officer for Omgeo as a fully-owned subsidiary of DTCC.
She says: ""With tighter synergy with DTCC, we have the ability to leverage best practices from both firms and foster a single, integrated strategy for global post-trade processing."
The terms of the deal were not disclosed.