Itaú Asset Management has gone live on Omgeo Central Trade Manager (Omgeo CTM) and Omgeo ALERT.
The firm implemented Omgeo services to automate post-trade processes with their broker/dealer counterparties worldwide. Itaú has initially automated their cross-border transactions on Omgeo CTM, and is evaluating extending the central matching capabilities to its domestic transactions in the future.
Omgeo CTM is the strategic platform for the central matching of domestic and cross-border equity, fixed income, exchange-traded derivative (futures and listed options) and contracts for difference trades. ALERT, the industry’s largest and most compliant account and standing settlement instruction (SSI) database, automatically enriches Omgeo CTM trades with accurate SSIs.
Brazil’s exchange, Bovespa, reported a 10.6% annual increase in equity trading in 2012, reaching R$1.78 trillion ($871 billion) in total value traded. With trading volumes increasing year over year, trade operations has moved into the spotlight. Traditionally, Brazilian asset managers have relied on proprietary/in-house and highly manual post-trade processes, including the confirmation, affirmation and matching phase. As market volumes rise, firms experience increased pressure on post-trade workflows. As a result, Brazilian firms are turning to automated post-trade processing solutions that reduce the risks and costs tied to manual processes while promoting volume scalability across their operations.
Itaú, which has more than $160 billion under management, has adopted Omgeo CTM and ALERT in an effort to leverage best practice, global solutions. Previously the firm relied on fax, email and spread sheets for its cross-border equity processes. With these services, Itaú will significantly increase efficiency and reduce the chance of trade failure.
“As the global markets have become more liquid and volumes continue to rise, automating our post-trade process became a top priority at the bank,” said Ricardo Soares, director at Itaú. “The adoption of Omgeo CTM and ALERT not only lowers overall risk and improves efficiencies, but it also demonstrates our commitment to implementing best-in-class solutions to drive our international platform and streamline interactions with our broker/dealer counterparties.”
Brazilian Asset Manager Adopts Central Trade Matching
Itaú Asset Management has gone live on Omgeo Central Trade Manager (Omgeo CTM) and Omgeo ALERT.