Omgeo announced today that a further thirteen firms had signed up as “early adopters” of its Central Trade Manager (Omgeo CTM), the virtual matching the Thomson-DTCC joint venture has built as its alternative to the TFM created by the Global Straight Through Processing Association (GSTPA).
The new users include Bloomberg, Deutsche Bank, Dovetail Systems, Financial Fusion, Macgregor, Salomon Smith Barney, Thomson Financial’s PORTIA and Oneva Trade EQ, UBS Warburg, UFJ Trust Company of New York, Vitria, webMethods, and what are described as “one additional investment manager and one outsourcer for the investment management community.”
With the early adopter programme now approaching its closing date of summer 2002, Omgeo says the total number of firms committed to the CTM is 42, and that more firms can be expected to join in the coming weeks.
“Omgeo CTM provides a great amount of flexibility that enables firms to determine the size and scope of their internal proprietary STP projects,” says Edward Caplette, first vice president of UFJ Trust Company of New York. “Given current market conditions, that is an important factor for firms to consider when selecting solutions that facilitate a true STP environment.”
Launched in January 2002, the Omgeo early adopter programme was designed as a way to upgrade clients ready to take the lead in transitioning to Omgeo’s trade management solution. The chief incentive to join the programme is the ability to lock in 2002 pricing. But the CTM also provides a bridge to the company’s existing electronic trade confirmation (ETC) service, OASYS Global, which it will eventually replace. Through the bridge, early adopting investment managers remain connected to any broker currently using OASYS Global, thus enabling immediate processing of global trades through Omgeo CTM.
“We are very pleased with the number of global firms that have committed to use Omgeo CTM to date,” says David Merrill, managing director, global operations for Omgeo. “The broad interests we have witnessed from all segments of the global securities industry are a result of the changing mindset within the global markets. Industry participants now recognize the value of effective trade management and central matching practices as the means to improve operational efficiency and reduce costs in their back offices.”
The complete list of early adopters is:
Fund Managers Brokers Custodian Banks Outsourcers/Prime
Brokers/Administrative Companies STP Vendor PartnersBAE Systems Pension Funds Investment Management Dresdner Kleinwort
Wasserstein Bank of New York Deutsche Bank AG Bloomberg L.P.Invista Capital Management Goldman Sachs Citibank N.A Goldman Sachs PrimeBrokerage Charles River DevelopmentLazard AssetManagement JPMorgan Comerica Bank State StreetInvestmentManager Solutions LLC Dovetail Systems Inc.Legg Mason Investors Morgan Stanley Deutsche Bank Phoenix AdministrationServices Ltd. Financial Fusion Inc.MFS Investment Management Salomon Smith Barney Inc. HSBC InternationalTrusteeLimited, Hong Kong Branch HelioGraphMontgomery Asset Management UBS Warburg Investors Bank & Trust MacgregorSofaer Global Research (HK)Ltd Northern Trust MercatorRoyal LondonAsset Management Union Bank of California SimCorpUFJ Trust Company of New York Thomson Financial’s ICONWells Fargo Thomson Financial’s PORTIA and Oneva Trade EQVitriawebMethods