OmgeoSM today announced the expansion of the STP partnership with Charles River Development (Charles River). Through this agreement, Omgeo will assist Charles River in implementing an interface directly to Omgeo Central Trade Manager (Omgeo CTM), the global solution for central trade matching, offering real-time settlement instruction enrichment and settlement notification messaging, all in a secure and scalable environment. The new interface, coupled with the existing connection to Omgeo OASYS-TradeMatchSM, the U.S. domestic real-time central trade matching service for allocations to confirmations, will provide Charles River customers the unique ability to employ central matching for both domestic and cross-border trading through the Charles River Trading System.
“Expanding our partnership with Charles River to include Omgeo CTM is an important milestone in our efforts to streamline trade processing for our clients and the industry,” said Lee Cutrone, Managing Director, Industry Relations for Omgeo. “At Omgeo, we recognize that our clients depend on vendor provided solutions for the mission critical function of streamlined trade processing. A firm’s ability to interact with our services often relies upon the relationships and interfaces we have with vendors. Therefore, our STP Partners Program plays a valuable role in our overall business strategy and will continue to do so as we actively facilitate this industry collaboration to provide real and better service to our clients.”
Tim Lind, Senior Analyst, TowerGroup added, “As investment managers seek to automate post-trade workflow with brokers, rather than incur the expense of re-engineering their entire back office, most will opt for a buffer between their trade processing systems and a virtual matching utility. STP within the buy-side starts with a trade order management system, therefore third party providers are in a natural position to increase the value of their OMS packages by offering gateways to virtual matching utilities and exception management solutions.”
“We are working very closely with Omgeo to develop the interface to Omgeo CTM and are excited to be the first STP Partner to do so,” said Peter Lambertus, president of Charles River Development. “Developing strategic alliances is an essential part of this important industry wide STP initiative. Our partnership with Omgeo will provide our customers with exception-only processing and seamless interface with the Charles River Trading System’s CRD Trade Blotter allowing them to realize a savings of time and money in their trade processing operations.”
In addition to the Omgeo CTM interface, Charles River also provides customers with an interface to Omgeo OASYS-TradeMatch allowing customers to send trade allocations to brokers, the Omgeo matching engine and their custodians all at once. The Omgeo / Charles River relationship was announced in November 2000.
As part of its global STP strategy, Charles River is enhancing its product’s real time messaging capability to improve efficiencies and to provide automated trade processing from order creation through trade settlement. To support a T+1 environment, interfaces to industry standard messaging applications and central matching utilities are being developed and deployed. Using XML messages and TIBCO Rendezvous, CRD v6 will provide investment managers with a user definable STP communication module and an environment that seamlessly integrates the CRD Trade Blotter and workflow modules with matching and settlement routing applications. The CRD Trade Blotter is a customizable component of the Charles River Trading System that dynamically displays orders and account allocations, and updates the status for each as trades are managed and processed throughout the day. Omgeo is continuing to work with numerous vendors to further their individual STP strategies in a way similar to the Charles River relationship.