Trade matching joint venture Omgeo is reporting twelve additional firms have signed on as 'early adopters of its Central Trade Manager (Omgeo CTM) global STP platform, bringing the total number of companies committed to implementing Omgeo CTM to twenty-nine.
The new participants in the programme include BAE Systems, Pension Funds Investment Management, Goldman Sachs Prime Brokerage, HSBC Trustee (Hong Kong) Limited, Union Bank of California, Comerica Bank, Deutsche Bank, JP Morgan Chase Securities, MFS Investment Management and Phoenix Administration Services Ltd. Also joining the programme are three STP vendor partners – HelioGraph, Mercator, and SimCorp.
Omgeo, a joint venture between Thomson Financial and the US Depository Trust and Clearing Corporation, is pitching its model for post-trade processing in direct competition with rival utility GSTPA and a forthcoming solution from SunGard. Omgeo's CTM provides central matching, real-time settlement instruction enrichment and settlement notification messaging. The solution runs on an entirely new XML-based, 15022-compliant TCP/IP platform, and provides a bridge to the organisation's electronic trade confirmation service Omgeo Oasys Global. It is envisaged that early adopting investment managers will be able to process their global trades through Omgeo CTM with any broker currently using Oasys Global.
The Omgeo CTM Early Adopter programme is a planned product rollout and migration strategy that was launched in January 2002 as a way to upgrade clients ready to migrate to Omgeo's new workflow-oriented trade management solution. Omgeo CTM is expected to have live users by the end of Q2 2002.
David Rogers, director of trading & sales support - operations, Dresdner Kleinwort Wasserstein, says: "We think that Omgeo's phased migration strategy is the right one in the current business environment. Not every firm on the street wants to make a huge commitment to new STP technology right now and Omgeo allows firms to move at their own pace."
In addition to the twelve new firms, participants in the Omgeo Early Adopter programme include six investment managers – Lazard Asset Management, Legg Mason Investors, Montgomery Asset Management, Invista Capital Management, Royal London Asset Management and Sofaer Global Research (HK) Limited; three broker-dealers – Dresdner Kleinwort Wasserstein, Goldman Sachs and Morgan Stanley; five custodian banks – Bank of New York, Citibank, Investors Bank & Trust, Northern Trust and Wells Fargo; two STP vendor partners – Charles River Development and Thomson Financial Investment Management Group; as well as State Street Investment Manager Solutions, a provider of outsourced post trade operations services.