Omgeo, the Thomson-DTCC joint venture, today announced the formation of an STP partnership with Bloomberg. The two firms will develop a direct link between the OASYS Globa//TradeMatchSM matching tools owned by Omgeo and the Bloomberg Portfolio Order Management System (POMS System). The link, which will handle both fixed income and equities, will enable Bloomberg clients to use their terminals to send trade allocations directly to their brokers, generate affirmations for matched trades automatically and notify custodians of allocations and settlement instructions. The link is expected to be complete in Fall 2002.
Bloomberg has also undertaken to start work on an interface to the Central Trade ManagerSM (Omgeo CTM), the virtual matching machine which was the original foundation of the alliance between Thomson and the DTCC and the chief point of competition with the Global Straight Through Processing Association’s (GSTPA) TFM tool. This proposed link will ensure that allocation messages collected by the Bloomberg POMS System are passed on to Omgeo CTM for trade processing without manual intervention.
“As the global securities industry strives to achieve STP, this partnership is a win-win for clients of both companies in the industry,” says Dave Merrill, managing director, global operations, at Omgeo. “As a premier provider of information services to the investment community, Bloomberg adds tremendous value to the Omgeo STP Partners Program, which currently includes more than 40 live interfaces with vendors. We look forward to working with Bloomberg to help them develop a customized interface that will increase STP capabilities and reduce costs for clients, as the industry moves to streamline trade processing and create more efficient global markets.”
“We are very excited about our STP partnership with Omgeo,” adds Emilia Fazzalari, Manager, Global Product Strategy at Bloomberg. “At Bloomberg, our goal is to provide our clients with straight through access to liquidity destinations in order to efficiently and effectively do business. Omgeo is playing a key role in streamlining the current trade processing model and has a proven track record of providing reliable services to its global client base. By linking our services, we will bring greater levels of efficiency to our respective customers and further accelerate the industry’s move to STP.”