OMGEO LAUNCHES KOREAN TRADE PROCESSING SERVICE

Posted September 1, 2009

SEOUL – Trade processing, risk mitigation and operational services provider Omgeo Ltd. has begun operating a service bureau for the Korean Securities Depository (KSD) in tandem with its Central Trade Manager (CTM) service, processing trades for Korea Investment Trust Company and ShinHan BNP Paribas Asset.

The strategic partnership between Omgeo and KSD allows the Korean investment community to achieve greater levels of operational efficiency and automation in trade processing.

“It is absolutely critical for us to ensure we have automated processes in place as we look to maintain the utmost operational infrastructure,” says JaiYoung Park, Head of Operations, Korea Investment Trust Company. “By leveraging the service bureau between Omgeo and KSD, we are certain that we are not only seeing best-in-class trade affirmation rates, but also that we are at the forefront of risk mitigation and operational efficiency.”

Through the service bureau, KSD enables Korean investment managers to electronically confirm the accuracy of trade details with their counterparties around the globe and automatically enrich them with standing settlement instructions (SSIs).

“KSD is dedicated to transforming Korean cross-border trade processing into a role model of operational efficiency,” says O Moon Kwon, Managing Director of Deposit Settlement Service Division of the Korean Securities Depository. “Working closely with Omgeo, we are pleased to see our first clients live and already seeing reduced operational and counterparty risk through automation.”

Omgeo CTM is a single platform for the central matching of fixed-income and equity trade details. “Today’s global markets necessitate the utmost operational efficiency,” says Tim Keady, Managing Director, Global Sales and Relationship Management for Omgeo. “KSD and Omgeo have partnered together to ensure operational risk mitigation for Korean investment managers through automation. This will no doubt help enable the future growth and success of the Korean securities market.”

Additionally, Korean investment managers are able to receive a Copy for Information of matched trade details from any interested third party. The KSD and domestic Korean investment managers have access to Omgeo’s global network of trade counterparties.