Omgeo signs up thirteen new CTM early adopters

Omgeo signs up thirteen new CTM early adopters

Trade matching joint venture Omgeo is reporting thirteen 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 forty-two.

The new participants in the programme include Bloomberg, Deutsche Bank, Dovetail Systems, Financial Fusion, Macgregor, Salomon Smith Barney, Thomson Financial’s Portia and Oneva Trade EQ, UBS Warburg, UFJ Trust Company of New York, Vitria, webMethods, one additional investment manager and one outsourcer for the investment management community. It is expected more firms will join the programme in the next few weeks.

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.

Launched in January 2002, the Omgeo early adopter programme was designed as a way to upgrade clients ready to transition to Omgeo’s trade management solution. 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.

Omgeo CTM is currently being implemented by early adopters and will be in production serving clients in the next few weeks, says the company.

Edward Caplette, first vice president of UFJ Trust Company of New York states: "Omgeo CTM provides a great amount of flexibility that enables firms to determine the size and scope of their internal proprietary STP projects. Given current market conditions, that is an important factor for firms to consider when selecting solutions that facilitate a true STP environment."

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