Omgeo announced today that Deutsche Bank Global Fund Services (GFS) had become the second client to centrally match cross-border trades live on Omgeo Central Trade Manager (Omgeo CTM) on behalf of a fund management client in the Asian region.
“Staying competitive in the Asian Market is a real challenge for all local and international players,” says James E. Drumm, Managing Director, Asia, Omgeo. “Given the increasing demands of the current economic climate, outsourcing has become a popular option for firms to concentrate on their core services and reducing costs. Omgeo CTM allows them to do that.
By using Omgeo CTM, he explains, insourcers such as GFS can benefit from a fully automated process which allows them to receive trade instructions earlier in the trade cycle, centrally match trades to broker confirmations and send settlement notification messages to custodians via SWIFT. “This provides a seamless STP solution that enables outsourcers to better serve their client base by reducing manual intervention, increasing operational efficiency and eliminating associated middle office costs, while simultaneously concentrating on value added services for their customers,” explains Omgeo.
“We are very encouraged to see the positive uptake of Omgeo CTM around the globe with 50+ clients signed on to the new service,” adds Adam Bryan, President and CEO, Omgeo. “Royal London Asset Management and Deutsche Bank Global Fund Services are the first of our clients to realize improved efficiencies. Their decision to implement best of breed technology confirms their commitment to achieving greater levels of operational efficiency for themselves and, in turn, for their customers.”
Though it runs on an entirely new XML-based, ISO 15022-compliant TCP/IP platform, the Omgeo CTM clientele is presently drawn mainly from the company’s existing Omgeo OASYS Global community of over 6,000 broker/dealers, fund managers and custodian banks.