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A-Team Insight Blogs

Omgeo and DTCC Establish Data Feed Between CrossCheck and Trade Information Warehouse

Omgeo and the Depository Trust & Clearing Corporation (DTCC) have added an automated data feed between Omgeo’s centrally hosted, exception management solution, CrossCheck, and DTCC’s post-trade database for OTC derivatives, Trade Information Warehouse. According to the vendors, the link is designed to reduce operational risk by allowing market participants to align their OTC derivatives portfolios with contract records maintained by the DTCC’s database.

Steve Matthews, managing director of product at Omgeo, explains: “By linking CrossCheck to the global standard for centralised and secure data for OTC derivatives at DTCC’s Trade Information Warehouse, our clients can be assured that their risks are further mitigated throughout the length of their derivatives contracts.”

Accordingly, the new link enables Omgeo clients that are also customers of DTCC’s Deriv/SERV to receive an automatic feed of relevant credit derivative trade data from the Trade Information Warehouse via CrossCheck. The vendors claim that this feed allows customers to compare their portfolio records against the DTCC database to ensure agreement with the golden copy of trade details for positions with all counterparties who use Deriv/SERV.

Peter Axilrod, DTCC managing director of business development and Deriv/SERV, reckons that the benefits to Omgeo are clear: it can strengthen its counterparty risk management services.

At a time when counterparty risk is so high profile, this service should garner some interest from the market. However, although it will benefit the vendor’s current customer base, only time will tell whether the new link is compelling enough to bring on board new clients.

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