OM announced today that UBS Global Asset Management (UK) Ltd has become the first buyer of its corporate actions workflow solution. UBS Asset Management was part of an “early adopter” programme run by OM.
The entry of the Stockholm-based trading technology company into the back office follows over a year of development, which may have put OM ahead of rivals in the hottest area in securities processing today. Certainly, OM will be pleased to have attracted such a significant client, at a time when the downturn in the equity markets will be hitting its traditional front office businesses.
OM says its Corporate Actions System (CAS) is a solution which reduces the manual effort spent processing a corporate action by up to 70 per cent. “Considered the final frontier of manual, paper-intensive securities processing, automating corporate actions has become a high priority for institutions that are looking to reduce risk and achieve straight through processing (STP),” says Patrik Egervall, Global Head of Sales and Marketing. “OM is finding that many institutions that process a large number of securities are very interested in our system’s ability to dynamically monitor positions and terms throughout the event lifecycle, and its provision of full multi-currency, multi-market support.”
OM Corporate Actions System (CAS) was due to debut at Sibos in Singapore last year, but as finally launched officially at Sibos in Geneva today.
The solution’s key features include a robust exception system, the ability to dynamically monitor positions and terms throughout the event lifecycle, full multi-currency, and multi-market support. The system is user configurable, enabling it to handle the requirements of different event types and to better reflect the business practices of each company.
At SIBOS, OM will also feature Front to back office STP solutions, which deliver full trading capabilities through Order Management, Trade Management, Position Keeping, Trade Execution and Back Office For Hire, a fully outsourced service to the settlement industry.