Omgeo, the virtual matching utility, says Financial Technologies (India) Limited (FTIL), a provider of exchange trading solutions for the Indian securities market, has joined its global STP Partners Program. This agreement will link FTIL’s STP framework, the FT e.Cosystem™ with Omgeo Central Trade Manager (Omgeo CTM) and Omgeo OASYS Global.
“Omgeo is committed to ongoing strategic collaboration for the benefit of our clients through the STP Partners Program,” says James E. Drumm, Managing Director for Omgeo in Asia. “This partnership agreement between Omgeo and FTIL will provide Indian market participants with a highly efficient and streamlined service, minimizing manual intervention while also reducing trade failures, operational risks and costs.”
Through this agreement, FTIL’s FT e.Cosystem™ solution suite will allow brokers and investment managers to move to a full STP environment and will provide local market participants with access to Omgeo’s Global Community of over 6,000 clients, including leading Indian brokers. Using FTIL’s STP-Connect™, an advanced set of messaging interfaces, clients will be able to access Omgeo’s STP solutions including Omgeo OASYS Global and Omgeo CTM to communicate with trading counter parties automatically throughout the cycle of a trade from execution to settlement. Omgeo CTM, which supports ISO 15022, will enable this automation by performing central matching between all parties to a trade. With FTIL’s significant client base in India, this strategic partnership will enable Omgeo to bring the benefits of existing global STP solutions to the Indian market.
“The relationship successfully demonstrates that domain specialist Indian IT companies can create globally competitive STP technologies. ” said Mr. Jignesh Shah, Chairman and Managing Director of Financial Technologies. “We are committed to providing our clients with access to Omgeo solutions, which will bring greater efficiency and automation for our clients’ post trade processes allowing them to reduce operational risks and costs. By joining the STP Partners Program we will be able to work with all vendors on STP processes and set strategic business objectives that will benefit our clients.”
“Led by SEBI’s call to a move to T+2 by April 2003, the Indian market continues to increase operational efficiencies which will generate increased interest from foreign institutional investors providing the framework for a robust domestic market. This STP Partnership will position the Indian securities market on the forefront of the STP movement globally.” added Samir Bahl, Country Manager, India, Omgeo.
The Omgeo STP Partners Program was developed in 1998 as a means to reach out to the vendor community and develop interfaces that can be offered to a shared client community. Through this program, STP Partners and their clients – investment managers, broker/dealers and custodian banks – have the capability of leveraging certified and modular interfaces to Omgeo services, therefore shortening the time and reducing costs associated with building their own customized interfaces.
To date key participants of the Omgeo STP Partners Program stretch across buy-side order management systems, portfolio management systems, sell-side trading systems, service bureaus for investment managers, service bureaus for broker/dealers, service bureaus for custodians and middleware vendors around the globe. By bringing together such a large number of industry players and creating a community of counter parties, Omgeo, in turn, is able to spur the drive towards global STP.