Omgeo and the Chilean central depository, Deposito Central de Valores (DCV), have three Chilean brokers LarrainVial, Celfin Capital and IM Trust now live on their joint trade matching service. The solution offers connectivity between Omgeo Central Trade Manager (Omgeo CTM) and DCV, offering brokers a streamlined trade confirmation and reporting process with foreign investors, enhanced STP.
LarrainVial, Celfin Capital and IM Trust are using the solution for the central matching of cross-border equities transactions with investment managers outside of Chile. The direct link from DCVs web portal to Omgeo CTM allows the brokers to further automate the trade lifecycle and achieve efficiencies, lowering operational risk and costs.
Many brokers in Chile still rely on spreadsheets and faxes to communicate trade details and compare confirmation messages for international transactions. This can be counterintuitive to plans to reduce settlement timeframes around the world.
Fernando Yaez, CEO of DCV, said, LarrainVial, Celfin Capital and IM Trust have already experienced improved efficiencies and reduced settlement risk, and are paving the way forward for the rest of the market.
Andrei Kriukov, head of international operations of Celfin Capital, added: We were using Omgeo OASYS Global previously, and wanted to upgrade to Omgeo CTM for its flexible workflow and its higher same day affirmation rates (SDA), which is directly tied to settlement efficiency. By going live with the Omgeo CTM/DCV solution, we can now more effectively transact with the entire global community.
Javier Peters, operational manager of IM Trust, commented: We selected Omgeo CTM to improve our cross-border communication process. With Omgeo CTM, we can reduce risk, errors in settlement and ultimately improve the confidence of our international counterparties.
(JDC)