Omgeo, the surviving global STP supplier, is looking to speed up adoption of its services bny fund managers by embracing the FIX messaging protocol and joining forces with vendors of order management systems and FIX network providers.
The solution, which Omgeo refers to as “Deal Time STP, aims to automate allocations earlier in the trade cycle, so fund managers can send automated allocations using the FIX protocol to broker dealers, irrespective of the broker dealers’ current ability to process FIX allocations. Omgeo says that fully automating allocations is essential to raising rates of STP because they are still a largely manual process.
“Standards such as the FIX protocol are very important in addressing the industry’s STP needs,” explains Kathy Ball-Toncic, executive director of Global Partners. “Omgeo and FIX are all about aligning standards and protocols – we know that a fragmented industry is an inefficient industry. Omgeo Deal Time STP is a unique solution that has been developed as a direct response to both industry and client needs to fully automate the process – moving our clients even closer to full end-to-end STP.”
Omgeo adds that Deal Time STP will provide an industry-accepted alternative for processing automated allocations, thereby contributing significantly to the industry’s goal for STP. The service is expected to go live in Q3 2003.