Royal London Asset Management (RLAM) has become the first investment management firm to centrally match cross-border live trades over Omgeo's Central Trade Manager (Omgeo CTM).
The first trades were carried out with broker, Dresdner Kleinwort Wasserstein (DrKW) and were processed on Omgeo CTM using Thomson Financial’s Icon investment accounting system. RLAM was able to centrally match its trades to broker confirmation, streamlining its front and back office functions, say the companies.
Omgeo CTM is a new central matching solution for domestic as well as cross-border trades worldwide, also providing real-time settlement instruction enrichment and settlement notification messaging.
Thomson's Icon product is a back office fund management and administration solution, designed to manage and account for securities and currencies in all types of funds and all sizes of institutions.
Julian Baines, investment servicing manager, RLAM, says: "Through Omgeo CTM and Thomson Financial’s Icon, we are able to provide our clients with a highly efficient and streamlined service that means manual intervention is kept to a minimum, reducing trade failure risks and facilitating a more risk-free based approach."
Adam Bryan, president and CEO, Omgeo, comments: "Given the Securities Industry Association’s recent pronouncement regarding its T+1 initiative, it is encouraging to see that firms understand that central matching is the way forward as it helps them to maintain their competitive edge."