Fischer Francis Trees and Watts, Inc., international fixed income portfolios manager, announced Monday a deal with Omgeo, a trade management solutions provider, to go live with a new FIX interface to Omgeo Central Trade Manager for its global bond matching.
Omgeo said in a news release that FFTW is the first client to use the interface, which allows market participants to utilize existing FIX 4.4 infrastructures to bridge the front and back office.
Firms are able to process equity and fixed income trades via the interface, part of Omgeos commitment to embracing industry protocols in order to drive standardization in trade processing, the company said.
Prior to this development, FFTW used Omgeo OASYS Global to manage its electronic trade confirmation, and upgraded to Omgeo CTM in order to create a more streamlined process. Following trade execution, FFTW sends its fixed income trade allocations in FIX 4.4 format directly from its order management system into Omgeo CTM and thereafter to settlement without the need for manual intervention. Once the trade has been matched, FFTWs order management system is automatically updated with the new status of the trade information and the trade immediately is formatted for communication to the custodian.
Four years ago we embarked on a programme to extend automation across all areas of our operations. The FIX interface to Omgeo CTM is the final piece of the puzzle and offers us a best of both worlds solution: the ability to leverage industry standards while receiving all the benefits of a fully serviced central matching environment,” said Michael Wyne, managing director for FFTW.