Broadridge Financial Solutions, Inc. (NYSE:BR) today announced that it is developing a new solution to support broker connectivity to the Omgeo Central Trade ManagerSM (Omgeo CTM) service for broker-dealers. Broadridge's solution will also enable its clients to benefit from the event-based "push" functionality that Omgeo has recently added to its Omgeo CTM service, which delivers proactive notification of changes to trade statuses and events throughout the electronic trade confirmation process.
Omgeo CTM is Omgeo's platform for cross-border and non-US domestic trade confirmation and allocation flows between broker-dealers and investment managers. Omgeo began providing broker-dealers with access to the central matching capabilities of Omgeo CTM last year as part of its long-term strategy to migrate clients from Omgeo OASYS Global to Omgeo CTM. There are significant workflow differences between OASYS Global and Omgeo CTM: Omgeo OASYS Global is a sequential workflow where the broker-dealer is blind to the matching statuses and exceptions in Omgeo CTM and therefore has to rely on the investment manager for exception resolution. Central matching via Omgeo CTM provides a more timely workflow, designed to deliver higher rates of same-day trade affirmation and settlement certainty.
For more than 10 years, Broadridge has provided a software module that supports connectivity to Omgeo OASYS Global, including confirmation level and block level electronic trade confirmation. As part of its ongoing commitment to enable its clients to take full advantage of market change, Broadridge is now investing in a new module to support firms as they migrate to Omgeo CTM.
Broadridge's new connectivity module will be available as an additional, integrated function of its international market-leading securities processing solution, Gloss, as well as part of its Australian broker client accounting system, SUMMIT. It will also be offered as a free-standing connector, enabling firms to connect other enterprise applications to Omgeo CTM. The module is being developed using flexible JavaTM technology to support platform independence and scalability, and will adopt Omgeo's "push" functionality protocols to enable users to benefit fully from Omgeo's proactive approach to notifications.
"We remain strategically focused on keeping our customers aligned to market and regulatory change," said Tom Carey, President, Securities Processing Solutions, International, Broadridge. "We will conill continue to invest in our solution range to ensure that our users derive tangible value from new initiatives that can further increase their operational efficiency," he added.