Omgeo, the global standard for post-trade efficiency, today announced a 38 percent year-on-year increase in the number of investment managers and broker/dealers using Omgeo Central Trade ManagerSM (Omgeo CTM), its strategic platform for the central matching of cross-border and non-U.S. domestic equity and fixed income transactions.
Omgeo CTM now has over 950 clients worldwide. This growth includes the addition of 265 investment managers and broker/dealers globally to Omgeo's thriving community of over 6,500 clients, which now spans across 50 countries.
Omgeo continues to build a globally linked community on Omgeo CTM, where broker/dealers and investment managers have access to the largest group of counterparties for central trade matching. In response to evolving market needs and community feedback, Omgeo has developed its core product over the past 12 months by investing in asset class expansion and growth in emerging markets including China, Chile and India.
Industry participants have continued to adopt and transition to central trade matching via Omgeo CTM. Users benefit from enhanced settlement efficiency and reduced trade fail rates. Same-day affirmation rates on Omgeo CTM average 93 percent, versus locally matched trades with same-day affirmation rates averaging only 72 percent.
Users of Omgeo CTM are also able to take advantage of automatic settlement and account instruction (SI) enrichment via Omgeo ALERT, the industry's largest and most compliant web-based global database for the maintenance and communication of SIs worldwide. Today, ALERT holds over 5 million settlement instructions on nearly 500,000 accounts.
Steve Matthews, Chief Operating Officer at Omgeo, said: "Regulatory change and the evolution of the financial systems over the next 12 months will continue to focus market participants' attention on risk management and cost efficiencies. As a result, we anticipate even greater central matching adoption on the buy and sell-side."
"Faster and more efficient confirmation of trades will become a higher priority for our clients as a result of European proposals for a mandated T+2 settlement cycle across the European markets, as well as the introduction of financial penalties for trades which fail to settle on time."