EMC Corporation announced today that Omgeo, a joint venture of the Depository Trust Clearing Corp. (DTCC) and Thomson Financial, is achieving first-to-market objectives for advancing straight-through processing (STP) and its central matching solution, Omgeo Central Trade ManagerSM (Omgeo CTM), with EMC networked information storage, software and services.
“A major challenge facing financial services firms today is meeting the growing requirements of shortened trade settlement cycles as well as the increased volume of trading,” said Gary Foster, Omgeo’s Chief Technology Officer. “The speed and functionality provided by EMC networked storage has supported Omgeo in the rollout of a trade management service that addresses these compressed timeframes.”
Omgeo is expanding an existing EMC infrastructure that supports its traditional trade allocation and acceptance solutions – including Omgeo OASYSSM, Omgeo OASYS GlobalSM and Omgeo TradeMatchSM – to support the new Omgeo CTM, the central matching solution for domestic and cross-border trades worldwide.
“As the industry and our clients continue to move to an automated STP and central matching environment, the requirement for robust performance and continuous availability will be essential,” Foster said. “EMC has consistently provided superior performance for our traditional services, and we are confident they will help us meet the extraordinary uptime requirements of our new global network.”
“As more of our clients embrace straight-through processing, they will want to integrate their operational systems with Omgeo’s servers. The proven reliability, security and interoperability of EMC networked storage will allow our new infrastructure to more easily and seamlessly communicate with dozens of different technologies via private networks and the Internet. The ability to rapidly and cost-efficiently scale our EMC infrastructure with virtually unlimited capacities gives our clients and partners enormous confidence in our ability to support their needs in this new market,” Foster added.
Omgeo, with primary offices in Boston, New York and London, has standardised on EMC Symmetrix Enterprise Storage systems and EMC Connectrix Fibre Channel switches installed in multiple data centres. The EMC storage area network connects to a variety of operating environments, including Sun Solaris servers and IBM mainframe, for trade management. Omgeo has implemented EMC ControlCentre software to achieve cost-efficient and centralised management of its global information infrastructure.
Omgeo utilises EMC’s Advanced Solutions Group application management and hosting services for disaster recovery.
Using EMC Symmetrix Remote Data Facility (SRDF) software, EMC Advanced Solutions maintains mirrored copies of Omgeo’s production data at EMC’s remote facilities, in addition to Omgeo’s own remote facilities. Omgeo is also implementing EMC TimeFinder software locally to help perform backups.
Frank Hauck, EMC’s Executive Vice President of Customer Operations, said, “There is renewed urgency in the financial services market to adopt the most resilient, flexible infrastructures that protect high-volume, 24-hour global financial markets from disasters.
Omgeo’s choice of EMC for its existing and next-generation global financial network is strong testimony to EMC’s leadership in business continuity.
The superior reliability, manageability and performance of EMC networked storage provides Omgeo and other financial services leaders with strategic competitive advantage.”