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The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Omgeo Launches New Omgeo ALERT Capabilities to Drive Settlement Instruction Data Quality

Omgeo, the global standard for post-trade efficiency, today announced the availability of new Omgeo ALERT functionality, SI Compliance Scan. Omgeo ALERT is the world’s largest and most compliant web-based global database for the maintenance and communication of settlement and account instructions (SI). With this new functionality, users can measure the quality of SI data by identifying, reviewing and correcting invalid instructions, allowing users to reach 100% compliance more efficiently.

As regulatory uncertainty lingers, financial services firms continue to seek ways to remain compliant and reduce operational costs. With SI Compliance Scan, for the first time, Omgeo ALERT can programmatically enable users to measure their SI data quality and obtain one comprehensive view of their compliance with Securities Market Practice Group (SMPG) local market standards and community best practices worldwide. By having the ability to fix the errors in bulk, investment managers eliminate time-consuming manual processes and reduce operational costs as they work toward high data quality across all of their accounts.

Mark Bouchea, director of product management at Omgeo, said, “With market rules constantly in flux, investment managers need an automated method of verifying compliance with these standards coupled with the ability to correct any issues and distribute updates to their counterparties. Omgeo ALERT delivers on these requirements.  Moving forward, we’ll continue to work with our community to ensure that ALERT meets evolving industry needs.”

Altaf Hossine, vice president at The Boston Company Asset Management LLC, commented, “Maintaining up-to-date settlement instruction data is a time-consuming task. With the new ALERT SI Compliance Scan capabilities, we gain one comprehensive view of our compliance, allowing us to easily correct inaccuracies and reach our goal of being 100% compliant.”

Teresa Seidenberg, Supervisor for Trade Settlement at Nuveen Investments, added, “As SI information is constantly updated and market rules continue to evolve, it is important that our industry has the tools it needs to efficiently identify and correct any inaccuracies that may emerge.”

SI Compliance Scan is the final component of the Omgeo ALERT “Markets & Validations” releases – a multi-year plan of enhancements aimed at providing clients with enhanced features and clear rule guidance in order to improve data quality. These releases were a result of ongoing solicited feedback from Omgeo’s global community of key investment manager and broker/dealer firms.

In the first week of launching SI Compliance Scan, more than 2,500 updates were communicated to clients. In addition, 140 users achieved 100% compliance, with nearly 60% of all ALERT users reaching over 80% compliance.

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