New York, NY, September 30, 2002 â Underscoring the continuing trend toward outsourcing order management, BB&T Capital Markets and Galway Securities Corporation have contracted with OM to deliver institutional order management services via OM's ASP service. The firms plant to use the OM ASP to automate their order flow and electronically connect to the buy side. OM, a world leading provider of transaction technology to the financial services and energy industries, brings extensive experience in both facilities management â through its Global Services business area â and order management to its ASP offering.
"ASP from OM appeals to all broker/dealers that need a cost efficient solution to begin trading electronically," said Roland Tibell, President, OM (US Inc. "It is an automated open system that puts the key trading technology used by the biggest brokers â order management, IOI and back office integration â into the hands of any player, without the need to hire a whole new technical staff." ASP from OM is one of the fastest systems on the street, having been benchmarked at 1,000,000 orders and 500,000 trades per day.
For direct access brokers on the floor of the New York Stock Exchange, such as Galway, ASP from OM offers an additional way to grow business through a private label arrangement. OM can provide these brokers with a browser based trading application that they, in turn, can offer to midsize institutions, enabling these institutions to send them orders. The trading application can be branded with the direct access broker's logo, offering a significant branding opportunity.
"In our business, increasing order flow is our number one priority," said Robert Reilly, President, Galway Securities Corporation. "We not only plan to use ASP from OM to automate our order flow, but we also intend to offer our clients better connectivity to us through OM's private label option. We strongly believe that this effort will have a positive impact on our top and bottom line, and we look forward to maintaining an ongoing relationship with OM."
With staff experience in order management totaling more than 100 years, OM's marketplace knowledge is unsurpassed. The company's 4,500 square foot technology center houses the most sophisticated technology infrastructure available, including TCP/IP networking and fiber optic backbones. In addition, the network is completely redundant, enabling undetectable fail-over processing.
"The ASP service is a natural extension of OM's licensed order management solution," said Roland Tibell. "With so many different sources of liquidity available today, traders depend heavily on their order management systems to achieve the best execution for their orders. Manual is no longer an option. ASP from OM evens the playing field for small to mid-level players by providing the same high level of technical sophistication as a licensed solution delivered in-house."