Omgeo has announced pricing changes as part of a strategy to reduce costs and overall risk in the financial markets by incentivizing industry best practice.
Omgeo was able to offer these pricing changes as a direct result of cost efficiencies gained within the firm from ongoing investments in infrastructure and technology. Examples include retiring legacy infrastructure, leveraging new technologies across Omgeos product set and driving down operating costs.
Omgeo has extended these efficiencies to its client community through targeted price adjustments across a number of services. The most recent pricing changes include those related to incenting clients to verify trades on the same day they are executed, known as Same Day Affirmation (SDA), via Omgeo Central Trade Manager (Omgeo CTM) and OASYS-TradeMatch. Clients who leverage these services are able to reduce their Omgeo transaction costs by up to 15%.
Other highlights of previous price adjustments include:- Reductions to its U.S. securities post-trade processing service, Omgeo TradeSuite ID, with savings ranging between 20% and 35% including an incentive to affirm trades more quickly- Reductions to its web-based settlement and account instruction (SSI) database, Omgeo ALERT, where 100% data compliance levels are discounted by 5%
Tim Keady, managing director of Sales and Solution Delivery at Omgeo, said: By delivering targeted price reductions, introducing best practice cost incentives and streamlining middle office processes, Omgeo has taken, and continues to take, tangible steps to bring increased efficiency to the global markets at a compelling total cost of ownership. As local markets continue to introduce shorter settlement cycles around the world, we will look to do everything we can to support our clients in this effort.
To further support the industrys effort to reduce cost and risk exposure, Omgeos past pricing changes were also designed to improve the accuracy of SSIs. Clients use Omgeo ALERT to reduce trade failure risk by enabling them to share accurate SSI that is compliant with market standards automatically worldwide.
Tim Keady added: We continue to incentivize 100% data compliance levels in Omgeo ALERT and are playing an active role in reducing costs and risks in the SSI process. ALERT enables clients to reduce trade failures by sharing accurate settlement and account instructions that are compliant with local market standards worldwide.
(JDC)