Singapore/Mumbai âSeptember 18, 2002â Omgeo, the leading trade management solutions provider, announced the expansion of its global STP Partners Program with the signing of Financial Technologies (India) Limited (FTIL), the unique provider of sophisticated exchange trading solutions for the Indian securities market. This agreement, which will link FTIL's STP framework, the FT e.Cosyste with Omgeo Central Trade ManagerSM (Omgeo CTM) and Omgeo OASYS Global, highlights Omgeo's commitment to developing strategic relationships with local vendor partners in India.
"Omgeo is committed to ongoing strategic collaboration for the benefit of our clients through the STP Partners Program," said James E. Drumm, Managing Director for Omgeo in Asia. "This partnership agreement between Omgeo and FTIL will provide Indian market participants with a highly efficient and streamlined service, minimizing manual intervention while also reducing trade failures, operational risks and costs."
Through this agreement, FTIL's FT e.Cosystem solution suite will allow brokers and investment managers to move to a full STP environment and will provide local market participants with access to Omgeo's Global Community of over 6,000 clients, including leading Indian brokers. Using FTIL's STP-Connect, an advanced set of messaging interfaces, clients will be able to access Omgeo's STP solutions including Omgeo OASYS Global and Omgeo CTM to communicate with trading counter parties automatically throughout the cycle of a trade from execution to settlement. Omgeo CTM, which supports ISO 15022, will enable this automation by performing central matching between all parties to a trade. With FTIL's significant client base in India, this strategic partnership will enable Omgeo to bring the benefits of existing global STP solutions to the Indian market.
"The relationship successfully demonstrates that domain specialist Indian IT companies can create globally competitive STP technologies." said Mr. Jignesh Shah, Chairman and Managing Director of Financial Technologies. "We are committed to providing our clients with access to Omgeo solutions, which will bring greater efficiency and automation for our clients' post trade processes allowing them to reduce operational risks and costs. By joining the STP Partners Program we will be able to work with all vendors on STP processes and set strategic business objectives that will benefit our clients."
"Led by SEBI's call to a move to T+2 by April 2003, the Indian market continues to increase operational efficiencies which will generate increased interest from foreign institutional investors providing the framework for a robust domestic market. This STP Partnership will position the Indian securities market on the forefront of the STP movement globally." added Samir Bahl, Country Manager, India, Omgeo.