DTCC Extends Omgeo Utility for Global Custodians and Prime Brokers

State Street, as well as four other custodians, will go live with an enhanced version of Omgeo ALERT, allowing them to automate the maintenance of standing settlement instruction (SSI) data.

The industry-wide database of SSIs is the flagship product of Omego, a wholly owned post-trade company of the Depositary Trust & Clearing Corporation (DTCC).

The release, Alert 5.0, includes the Global Custodian Direct feature, which enables custodians and prime brokers to electronically maintain timely SSI data in ALERT on behalf of their clients.

“SSIs will be more complete and accurate, which helps reduce fail risk, and Omgeo’s establishment of a true SSI Utility under the DTCC umbrella reduces costs and risk for all subscribers and participants,” says Dick Taggart, executive vice president at State Street.

“By adding custodians as users of ALERT, we will be able to improve information quality standards, since custodians will automatically be updating their data as they create or change account SSIs,” adds Bill Meenaghan, executive director of ALERT Product Management at Omgeo.