Omgeo announced today that the number of clients opting to use its Omgeo OASYS-TradeMatchSM central matching service for U.S. domestic securities has risen significantly.
Adopting OASYS-TradeMatch is seen by Omgeo as a crucial step by US fund managers towards eventual adoption of Omgeo Central Trade ManagerSM (Omgeo CTM), which provides real-time matching of trade allocations to confirmations.
The DTCC-Thomson ESG joint venture says 81 Omgeo investment managers have adopted OASYS-TradeMatch, of which 47 are live. This is up from the 19 signed on a year ago, of which just 13 were live.
“Since we started centrally matching with OASYS-TradeMatch, our communication with brokers and banks has become much more efficient,” says Jennifer Fonden, operations manager at CapitalWorks LLC, a California-based investment management firm. “We have seen our back-office workload drop by about 60%, further facilitating and improving our STP environment.”
“We are committed to providing central matching to our clients as we believe it is a key enabler of STP and is the most efficient way of achieving the industry’s goals of a much higher degree of automation and lower operating costs,” adds Adam Bryan, president & CEO of Omgeo. “It is really exciting to see clients not only adopt our central matching services, but also report back to us reductions in their costs and risks.”
Omgeo says OASYS-TradeMatch eliminates steps in the trade processing cycle, thereby reducing the need for manual intervention, shortening time-to-affirmation, lowering costs and decreasing the incidence of problem trades. The company adds that OASYS-TradeMatch is also easy to implement and priced for client adoption, with all Omgeo OASYSSM fees dropped for those investment managers that implement the service.
“Central matching has yielded major efficiency gains for us,” says Donna McCann, assistant vice president at Evergreen Investment Management Company LLC. “We are now affirming all of our equity trades on T+0 and our processing costs have dropped considerably.”