Omgeo Extends Central Matching Engine to Broker-Dealers
June 22, 2009
Twelve global broker-dealers have signed up to use Omgeo's Central Trade Manager (CTM) to centrally match trades in non-U.S. securities with U.S. fund managers and for U.S. trades with non-U.S. fund managers.
The move allows the broker-dealers to communicate with fund managers on the same platform rather than a legacy system. The 12 broker-dealers, which include Bank of America Merrill Lynch, Credit Suisse, Deutsche Bank and Newedge Europe, had previously been using Omgeo's Oasys Global, a cross-border confirmation platform, which linked to fund managers using the CTM.
Omgeo officials say they will transition the remaining brokers using Oasys Global onto the CTM platform over the next two years.
Among the benefits Omgeo cites for using the CTM are reduced operational risk through the same day affirmation of trades and a proactive handling of exceptions processing due to a more efficient workflow.
