Omgeo, the global standard for post-trade efficiency, in partnership with the Chilean central depository, Depósito Central de Valores, S.A. (DCV), today announced that three Chilean brokers, LarrainVial, Celfin Capital and IM Trust are now live on their joint trade matching service.
The solution offers seamless connectivity between Omgeo Central Trade ManagerSM (Omgeo CTM) and DCV, offering brokers a streamlined trade confirmation and reporting process with foreign investors, enhanced straight-through processing (STP), and reduced risk of trade failure.
LarrainVial, Celfin Capital and IM Trust are using the solution for the central matching of cross-border equities transactions with investment managers outside of Chile. The direct link from DCV's web portal to Omgeo CTM allows the brokers to further automate the trade lifecycle and achieve great efficiencies, lowering operational risk and costs. By automating the matching process for brokers and their buy-side clients, the solution will ultimately help Chile continue to expand its global presence.
Many brokers in Chile still rely on spreadsheets and faxes to communicate trade details and compare confirmation messages for international transactions. This can be onerous, time-consuming and prone to human error at a time when settlement cycles are accelerating around the world.
Fernando Yañez, CEO of DCV, said, "We are offering this joint solution to enable Chilean market participants to realize a more prominent global role through increased automation and seamless cross-border communication. LarrainVial, Celfin Capital and IM Trust have already experienced improved efficiencies and reduced settlement risk, and are paving the way forward for the rest of the market."
Andrei Kriukov, head of international operations of Celfin Capital, added, "We were using Omgeo OASYS GlobalSM previously, and wanted to upgrade to Omgeo CTM for its flexible workflow and its higher same day affirmation rates (SDA), which is directly tied to settlement efficiency. By going live with the Omgeo CTM/DCV solution, we can now more effectively transact with the entire global community."
Javier Peters, operational manager of IM Trust, commented, "We selected Omgeo CTM to improve our cross-border communication process. With Omgeo CTM, we can reduce risk, errors in settlement and ultimately improve the confidence of our international counterparties."
Tim Keady, managing director of sales and solution delivery at Omgeo, said, "Omgeo is committed to reducing risk in the global markets by improving post-trade processes. Led by LarrainVial, Celfin Capital and IM Trust, accessing central matching via the DCV will enable market participants to achieve increased levels of STP while reducing settlement risk."
Omgeo CTM is an automated solution for the central matching of cross-border and domestic equity, fixed income, exchange traded derivative and contract for difference trades. The solution enables market participants to leverage real-time central matching capabilities that provide full transparency of trade status to both parties, as well as reduced latency and greater scalability due to faster processing rates and increased capacity.