In an effort to streamline the archiving process and eliminate redundant effort, Omgeo petitioned the SEC for the no-action letters to allow both buy- and sell-side firms participating in Omgeo TradeSuite to outsource their confirmation recordkeeping obligations under the federal securities laws to Omgeo. The TradeSuite Confirm Archive service essentially replaces clientsâ current confirm storage method with an online self-service system, which reduces risk and cost, as well as streamlines processes across the industry.
The TradeSuite Confirm Archive service is web-based, so no implementation or testing is necessary. This solution was built with input from Omgeoâs 10b-10 working group. Once enabled, TradeSuite clients have access to seven years of electronic confirmations and can access the functionality as soon as they receive a username and password. The service is built on DTCCâs PBS SMART/Search application, allowing clients to access the Confirm Archive service under Omgeo Reports. The reports can be accessed based on a wide variety of search criteria, for example, institution ID and report date, among others.
Omgeo has been working with its client community, industry associations and the SEC over the past two years to reduce the use of paper needed to meet SEC requirements. Omgeoâs 10b-10 working group provided input to Omgeo as the TradeSuite Confirm Archive service was developed. Both the TradeSuite Confirm Archive service and Confirm Disclosure service (announced April 2008) eliminate wasteful paper associated with trade confirmations. These moves dramatically reduce the tremendous cost and inefficiencies associated with large amounts of paper, storage fees and postage.
âWe are extremely appreciative to receive this no-action letter from the SEC,â said Lee Cutrone, managing director, industry relations at Omgeo. âBecause of this, Omgeo can now take the administrative and regulatory aspects of confirm archiving off our clientsâ plates. Users will no longer have to concern themselves with confirmation archiving, as Omgeo will handle the entire process seamlessly and in real-time. Redundant and costly measures are particularly burdensome in todayâs market so we are pleased that the SEC recognizes Omgeo TradeSuite Confirm Archive service as a means to streamline the industry.â