Omgeo signs Connor, Clark & Lunn to Central Trade Manager
06 May 2008 | 1730 views | 0
Omgeo, the global standard for post-trade efficiency, today announced that Connor, Clark & Lunn Financial Group (CC&L), a multi-boutique asset management firm, has signed on to Omgeo Central Trade Manager (Omgeo CTM).
The firm will use Omgeo CTM to process domestic and cross-border trades via a single interface across multiple time zones. Omgeo has been serving the Canadian marketplace since its inception in 2001.
CC&L has adopted Omgeo CTM largely because the solution greatly reduces costs and inefficiencies, allowing the firm to focus on exception processing and minimizing risk. Additionally, Omgeo CTM facilitates compliance with Canada's National Instrument 24-101 Institutional Trade Matching Mandate (ITM). Current Omgeo CTM users can achieve ITM rates upwards of 90 percent.
Utilising Omgeo CTM, Canadian domestic trades executed by CC&L are matched and can be sent directly to the Canadian Depository for Securities (CDS) for settlement. The interface between Omgeo CTM and CDS provides fully automated messaging, enabling the electronic pass-through of matched trades in real-time.
"Our relationship with Omgeo has been ideal at a time of important change in the Canadian marketplace," said Andrew Lefevre, chief administration officer at Connor, Clark & Lunn Financial Group. "Connor, Clark & Lunn has always been committed to the highest standards in operations and trade processing and we believe that Omgeo CTM will play an integral role in continuing our reputation of regulatory compliance and sound business practices."
"The addition of Connor, Clark & Lunn Financial Group to the global Omgeo community is a true win for us, as our client community is our biggest asset. The value of a real-time CDS link is apparent in the Canadian marketplace, and we expect that Omgeo CTM will continue to grow its momentum as the premier solution while also firmly establishing Omgeo as a strong local player in Canada," commented Timothy Keady, managing director of global sales and relationship management at Omgeo.