As hinted by Steve Matthews, managing director of product at Omgeo, when he spoke to A-Team Group last month, the post-trade specialist has now added new functionality to its standing settlement and account instructions (SSI) database, Alert. The new functionality, which has been dubbed Omgeo Alert New Markets and Validations, includes expanded instrument coverage and enhanced market rules and validations. The functionality also means the web-based global SSI database is now compatible with approximately 150 depositories, says the vendor.
“Our objective was to create the most compliant rules engine on a market by market basis,” explains Matthews. “In the first month of availability, the new enhancements to Omgeo Alert have provided excellent momentum. From significant uptake in countries around the globe including Greece, the Philippines, New Zealand, Spain, Indonesia and Brazil, to the successful addition of new derivative and fixed income product types marks a tremendous step for Alert. This momentum complements our overall product strategy of extending our value proposition geographically and across asset classes.”
The expanded asset class coverage includes more granularity in fixed income instruments and the addition of exchange traded and OTC derivatives. According to Omgeo, there is more stringent validation of market specific settlement instructions, aimed at providing improved data quality to brokers and custodians reducing trade failures.
The new validations include global standards established by the Securities Markets Practice Group (SMPG) and standards defined by members of Omgeo’s global investment manager and broker-dealer community. Going forward, all data entered into Omgeo Alert will align with standards established by SMPG or defined by Omgeo’s client community in the event a standard is not already established by SMPG, says Matthews.
The release is aimed at reducing the ambiguity of data requirements for local markets to ensure adherence to consistent market standards. The inclusion of tighter validation rules in the new release means that instructions are more unified and streamlined overall, says the vendor.
Omgeo has been focused on upping its game in the data management space over recent months and has committed time and resources to the world of SSIs. In April, Omgeo appointed three new executives to its European product team to focus on this area: State Street’s Bill Meenaghan and Janet Coughlan and Steve Higgins, both from UBS. Coughlan is now in charge of strategic initiatives for Omgeo Alert, whereas Higgins and Meenaghan have both been appointed product managers in the data management space.