Omgeo ALERT, the worlds largest Web-based global database for the maintenance and communication of standing settlement and account instructions (SSI), says it has experienced extensive client growth going into 2011 with more than 1,700 clients globally.
As a result of continued market turbulence and regulatory uncertainty, operational risk management and compliance with market standards remain key priorities for the global financial community, Omgeo states.
Omgeo ALERT contains data for more than 500,000 funds and manages about 5 million settlement instructions. On average, brokers retrieve 40,000 counterparty account instructions per day. Initially an equities-only solution, Omgeo ALERT now offers expanded asset class coverage, including fixed income, exchange traded and OTC derivatives, as well as foreign exchange instruments.
Omgeo ALERTs growth over the past several decades demonstrates its invaluable benefit to the global marketplace, says Steve Matthews, COO of Omgeo. We remain committed to maintaining ALERT to the highest standards while ensuring that all data stored within ALERT is complete and accurate. Our Quality Data Initiative (QDI) is an on-going effort, staffed with full time associates, where the primary focus is on ensuring ALERT data quality.
Omgeo ALERT automates manual, error-prone processes and ensures compliance with SMPG (Securities Market Practice Group) local market standards worldwide, and helps firms to mitigate operational risk, accelerate the trade life cycle and ensure their trades are ready for settlement leveraging SSI data that is accurate and compliant, the firm says.