The Depository Trust & Clearing Corporation (DTCC) will take full ownership in the post-trade and settlement platform provider. Thomson Reuters and DTCC had held equal 50 percent shares in Omgeo since its founding in 2001.
As part of the binding agreement Omgeo, which will retain Marianne Brown as its president and chief executive, is set to become a direct subsidiary of DTCC. Thomson Reuters, meanwhile, will remain a primary provider to Omgeo as it seeks to expand its post-trade services presence globally through ongoing initiatives including trade date affirmation, shorter settlement cycles for multiple asset classes, and matching capabilities with the Depository Trust Company (DTC), among others.
"DTCC and Thomson Reuters have played a critical role in helping build Omgeo into a world-class post-trade processing organization and we are excited about the opportunities that lie ahead of us as a result of this transaction," says Marianne Brown, Omgeo's CEO.
Financial terms of the agreement were not disclosed, and the deal remains subject to regulatory approval.
While at Sibos Toronto, James shares some interviews covering topics on blockchain, fintechs and cybersecurity.Subscribe to Weekly Wrap emails