The Korean Securities Depository (KSD), the central securities depository for South Korea, will benefit from strategic partnership with Omgeo Ltd, the global standard for post-trade efficiency. Under the agreement Korean investment community can achieve greater levels of operational efficiency and automation in trade processing.
KSD will partner with Omgeo to offer a service bureau that will transform Korean cross-border trade processing into a role model of operational efficiency. Through Omgeo Central Trade ManagerSM (Omgeo CTM) and Omgeo ALERTSM, KSD will enable Korean investment managers to electronically confirm the accuracy of trade details with their counterparties around the globe and automatically enrich them with standing settlement instructions (SSIs).
Omgeo CTM is a single platform for the central matching of fixed income and equity trade details. Omgeo ALERT is a Web-based global database for the maintenance and communication of standing settlement and account instructions.
Also KSD and domestic Korean investment managers will gain access to Omgeos global network of trade counterparties for Omgeo undertakes to provide a Copy for Information of matched trade details from any interested third party.
This partnership allows Korean asset managers to join Omgeos worldwide community of clients, thereby reducing operational risks and improving efficiency, says Do-Yeal Lee, managing director, Deposit Settlement Service Division of the Korean Securities Depository. Additionally, KSD will be geared to have the combined STP infrastructure of domestic and cross-border trading to support seamless processes within the Korean fund management community. Reducing operational and counterparty risk through automation are key ingredients for the future growth and success of the Korean securities market.
We are looking forward to working with the KSD to provide automation for Korean investment managers as they look to minimize risk and streamline their post-trade processes in the cross-border environment, says Tim Keady, managing director, Global Sales and Relationship Management, Omgeo. Our relationship with depositories around the globe is vital as it enables our client community to gain true end-to-end automation and realize the benefits of risk mitigation in the middle and back offices.
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