Waters Rankings 2014: Best Reconciliation Management Provider — DTCC

Dwight Gooden and Gregory Johnston

After winning this category on its own from 2010 to 2013, Omgeo continues to lead the pack when it comes to reconciliations, although since the fall of last year, it has been part of the Depository Trust & Clearing Corp. (DTCC).

In October of 2013, the DTCC purchased Omgeo outright, after having shared ownership of the utility with Thomson Reuters since April 2000 when Omgeo was founded. Omgeo Central Trade Manager (CTM) allows the central matching of a wide variety of asset classes, including cross-border and domestic equities, fixed income, repos, exchange-traded derivatives and contract-for-difference (CFD) transactions, according to the DTCC. Omgeo has over 6,500 clients representing over 2,400 financial institutions in 52 countries around the world.

The changing global regulatory agenda poses unique challenges to Omgeo’s client base. “In Europe, for instance, the CSD-R (Central Securities Depository Regulation) introduces harmonized settlement periods on T+2 (two days after trade date) across 28 European Union member states,” says a spokesperson. “The option of shortening local settlement cycles is discussed in the US and several Asia-Pacific countries. Having in place automated trade verification back-office automation systems is absolutely key to achieve faster settlement cycles, and Omgeo CTM allows users to centrally match trade details and focus on managing exceptions.”

Omgeo CTM is seeing strong growth in the Asia-Pacific region. “There is strong demand for post-trade automation and best practices, especially in emerging markets with growing trade volumes, and Omgeo Central Trade Manager provides both,” says the spokesperson.

Most recently, Omgeo CTM expanded its capacity to include support of CFDs and equity swaps. Omgeo also announced in June that its ProtoColl software now connects to the DTCC’s Global Trade Repository (GTR). This move was necessary due to enhanced reporting requirements stemming from the European Market Infrastructure Regulation (EMIR). Starting on Aug. 11, 2014, market participants will have to report collateral values along with transaction reports as a result of the regulation.

“As evolving regulatory reporting requirements come into effect in Europe and around the world, the DTCC is committed to leveraging its Omgeo assets to provide end-to-end solutions that deliver even greater value to our mutual clients,” said Sandy Broderick, CEO at the DTCC’s GTR, in June. “The ProtoColl and GTR interface is a demonstration of that commitment to strategic partnership and delivering efficiencies.”

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