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A-Team Insight Blogs

Omgeo Celebrates 10th Anniversary

Omgeo, the global standard for post-trade efficiency, today announced that it is celebrating 10 years of successful partnerships with its global community in automating trade lifecycle events, streamlining operations and reducing counterparty risk.

Founded in 2001 by Thomson Financial (now Thomson Reuters) and the DTCC, Omgeo has become a key partner in trade lifecycle automation. With growing pressure for transparency from investors and increasing scrutiny from regulators, market participants are looking for ways to continue to lower operational risk and reduce trade failure costs. Focusing on automation and increasing operational efficiency, Omgeo is proud to partner with more than 6,000 financial services clients and 80 technology providers in 46 countries to manage the matching and exception handling of trade allocations, confirmations and settlement instructions, as well as to effectively handle the collateral management and portfolio reconciliation process.

Marianne Brown, president and CEO of Omgeo, comments, “We are extremely grateful to have been an important part of the financial services industry for the last 10 years and would like to thank our global community for their continued support. As an industry, we have come a long way in improving operational efficiency and managing risk, but one can never stand still. Our clients and partners are our greatest assets. Their push to constantly exceed the status quo, combined with our commitment to automation, will continue to drive progress over decades to come.”

Joe Trentacosta, director of operations at AQR Capital Management, says, “Omgeo has helped us navigate regulatory changes and the growth in electronic trading by providing us with automated solutions that streamline middle and back office processes. For the past 10 years, they have enabled financial markets participants to effectively manage risk, reduce manual processes and accelerate the trade lifecycle.”

Steve Krosch, manager of operations systems at Allianz Global Investors Capital, states, “We strongly value our relationship with Omgeo. Omgeo has truly become a post-trade standard, efficiently connecting global trade counterparties around the world and streamlining operations, while increasing transparency and reducing risk.”

Ross Guilford, head of investment operations at Challenger, adds, “Here in Asia and across the world, Omgeo has transformed post-trade operations. At Challenger, we have benefited from increased levels of automation, resulting in reduced risk and fewer failed trades.”

Omgeo was formed on May 1, 2001, when the US was preparing for a potential move to a T+1 settlement cycle and exploring central matching as the ideal supportive workflow. However, Omgeo’s roots can actually be traced back to the 1960s’ “paper crisis” in the United States, when financial services firms would shut down on Wednesdays and work on Saturdays from 6am to midnight in order to keep pace with paper confirms and the post-trade process. As volumes on the exchanges increased from the millions to the billions of shares per day, Omgeo TradeSuite – an Omgeo solution launched in 1973 to automate trade confirmations in the US and formerly known as DTC ID – enabled trade counterparts to electronically process trades from execution through to settlement. As Omgeo grew, so did its portfolio of offerings including central matching capabilities for cross-border and non-US domestic trades through Omgeo Central Trade Manager (Omgeo CTM), accurate and compliant settlement and account instruction enrichment via Omgeo ALERT, and counterparty risk mitigation via Omgeo CrossCheck and Omgeo ProtoColl, among other services.

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