Omgeo today announced increased commitment to Canada through the availability of Omgeo Central Trade ManagerÂ® (Omgeo CTM), the global solution for central trade matching, for investment managers (IMs) to match trades for both Canadian domestic and cross-border securities through a single interface. Canadian domestic trades matched via Omgeo CTM are sent directly to the Canadian Depository for Securities (CDS) for settlement. The interface between Omgeo CTM and the CDS provides fully automated messaging between the two systems to enable the electronic pass-through of matched trades on trade date.
First to the Canadian domestic market, the availability of Omgeo CTM for Canadaâs domestic trades helps firms comply with National Instrument 24-101 â Institutional Trade Matching (ITM) and Settlement, mandated by the Canadian Securities Administrators. National Instrument 24-101 ultimately mandates that counterparties agree to the details of a trade on the day the trade is executed. Omgeo CTM supports ITM by moving trades more quickly and efficiently through the settlement process. Operational risks, costs and inefficiencies are significantly reduced as a result. Current Omgeo CTM users can achieve ITM rates upwards of 90 percent, allowing these firms to focus on exception processing and minimizing risk.
Peter Delano, senior analyst from TowerGroup, stated: âNational Instrument 24-101 necessitates that Canadian firms make their internal business processes and their interactions with counterparties much more efficient than they are today. Investment managers, broker-dealers, and custodians are looking for technology solutions to support compliance with the institutional trade matching mandate while maintaining the firmsâ ability to compete globally.â
Mackenzie Financial Corporation has successfully tested Omgeo CTM for cross-border trades in Canada and will soon begin testing for leveraging the solution for domestic trades. âWe are looking forward to the ease of use of a single interface for both domestic and cross border trade processing that Omgeo CTM brings,â said Chuck Murray, assistant vice president, portfolio administration at Mackenzie Financial. âAs we go through testing, we are excited that Omgeo CTM will help us achieve institutional trade matching as quickly and accurately as possible.â
âAs an asset servicing provider, we are pleased to receive trade instructions from clients that have already been matched in the market,â said David Linds, CIBC Mellon senior vice president, business development and client relationship management. âLeveraging automated solutions such as Omgeoâs CTM can bring many efficiencies to Canadaâs post-trade, pre-settlement cycle.â
âThrough our direct link to the CDS, Omgeo CTM affords our Canadian clients the opportunity to achieve best-in-class institutional trade matching rates for both cross-border and now domestic trades,â said Marianne Brown, president and CEO of Omgeo. âWe have clients in Canada who have leveraged our other solutions for cross-border trading for some time, and weâve already seen healthy client interest in Omgeo CTM for the domestic Canadian market to greatly enhance their efficiency. Omgeoâs experience in this space, our large and expanding global community and organizational relationships with our parent companies, Thomson Financial â part of Canada-based Thomson Corporation, and Depository Trust & Clearing Corporation â the depository in the US, position us to help the Canadian market be at the forefront of efficiency.â
In addition to Omgeo CTM for cross-border and domestic trades, Omgeo currently has a community of Canadian clients using many of Omgeoâs core solutions, including Omgeo ALERTSM, Omgeo OASYS GlobalSM and Omgeo OASYSSM.
Omgeo has also deepened its footprint in Canada by hiring Linda Penna as account manager for the region. Ms. Penna has over 20 years of securities industry experience, with nearly all of it spent in Canada. Most recently, she was with SS&C Technologies Canada Corporation as a client service manager for FMCNet. Ms. Penna oversees Omgeoâs Canadian client accounts with specific focus on the broker/dealer community. She joins David Sexsmith in the region, who was brought on board in 2006 to foster and nurture key relationships with some of the largest Canadian firms in the global securities industry in addition to playing an integral role in Omgeoâs overall Canadian strategy.