Jan 08, 2015
• DTCC Connection
Omgeo ALERT Enhanced to Support Foreign Exchange SSIs
By Adam Honeysett-Watts
In response to increased client demand, Omgeo has expanded its Omgeo ALERTSM service to support Foreign Exchange (FX) standing settlement instructions (SSIs).
ALERT is the industry’s largest and most compliant online global database for the maintenance and communication of account and SSIs, enabling over 1,800 investment managers, brokers/dealers and custodian banks to share accurate data worldwide. Along with FX, ALERT, supports equities, fixed income, money market, cash and derivatives instructions.
Because of the critical nature around the timeliness of FX trades, and with cash-related transaction soaring by 32% since 2010 (source: Bank for International Settlements), more and more investment managers are turning to automation in FX post-trade operations.
With Omgeo ALERT, firms can leverage a proven reference data best practice, centrally storing compliant, standardized SSI data across FX and other asset classes, bringing greater levels of accuracy, efficiency and control to the SSI process. The service holds more than 640,000 FX instructions with a compliance rating of over 97%.
Jay Daly, Director of Investment Operations at Pioneer Investment Management in the U.S., summarized the benefits of ALERT, stating, “By leveraging a single solution to manage and maintain all of our settlement instructions, we are able to bring greater efficiency and reduced risk to the post-trade lifecycle. At the same time, we are able to streamline our broker/dealer interactions – granting them access to leverage our SSIs directly.”
For more information