OMGEO GETS SEC APPROVAL TO HANDLE CONFIRMATION RECORDKEEPING

Posted August 24, 2009

BOSTON – Trade processing, risk mitigation and operational services provider Omgeo LLC has been granted no-action letters by the US Securities and Exchange Commission allowing its broker-dealer and investment manager clients to outsource confirmation recordkeeping obligations to Omgeo.

As a result, Omgeo’s TradeSuite Confirm Archive is now available to all TradeSuite users. The SEC issued its first letter March 19, permitting Omgeo to maintain and preserve confirmations for broker-dealers using TradeSuite. The second SEC letter, issued August 14, permits Omgeo to maintain and preserve confirmations for investment advisers using TradeSuite.

“Omgeo can now take the administrative and regulatory aspects of confirm archiving off our clients’ plates,” says Lee Cutrone, Managing Director of Industry Relations at Omgeo. “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 today’s market, so we are pleased that the SEC recognizes Omgeo TradeSuite Confirm Archive service as a means to streamline the industry.”

The TradeSuite Confirm Archive service essentially replaces clients’ 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.