OMGEO ADDS MULTIPLE SETTLEMENT NOTIFICATION CAPABILITY TO CTM PLATFORM

Posted August 5, 2008

BOSTON – Trade-matching utility Omgeo has made improvements to the settlement notification feature of its Central Trade Manager (CTM) platform. The improvements include the ability to send a copy of a settlement notification to multiple third parties – in the form of SWIFT MT541/543 messages to up to 15 third parties such as underlying clients, fund administrators, outsourcers or valuation agents.

The third parties must be capable of receiving SWIFT messages, and have a published SWIFT Bank Identifier Code (BIC), but need not be an Omgeo client. Different formats and transport methods (other than SWIFT messaging) will be available later in the year to accommodate non-SWIFT enabled third parties, along with the ability to send notifications before the trade has been matched.

“This new functionality is critical for our client community to interact more efficiently with all the parties to their trades,” says Steve Matthews, Managing Director, Product, Omgeo. “As the trading process becomes more complex, and the number of institutions involved increases, we are delighted to deliver functionality that helps our clients keep pace with this evolving environment.”

The typical current investment manager process for notifying third parties on trades can be time-consuming, error-prone and manual. The improvements to Omgeo CTM promise to reduce the time clients spend producing and sending notifications, and will lower or eliminate the expense of additional proprietary interfaces to deliver the information.