Omgeo CrossCheck to Link with DTCC’s Deriv/SERV Trade Information Warehouse
Boston, New York, London – 30 March, 2009 – Omgeo today announced the availability of an automated data feed between Omgeo CrossCheck and The Depository Trust & Clearing Corporation’s (DTCC’s) Trade Information Warehouse (Warehouse), a service offering of DTCC’s Deriv/SERV unit. The link is designed to reduce operational risks in the over-the-counter (OTC) credit derivatives market by enabling market participants to align their portfolios with contract records maintained by the Warehouse.
Omgeo CrossCheck is a centrally-hosted, exception management solution that automates the comparison of portfolios of derivatives between counterparties. The Trade Information Warehouse is the market’s first and only comprehensive trade database and centralized electronic infrastructure for post-trade processing of OTC derivatives contracts over their lifecycles, from confirmation through to final settlement. The Warehouse, which currently covers OTC credit derivatives, holds the legal, or “golden,” copies of confirmed contracts.
The new link enables Omgeo clients that are also customers of DTCC’s Deriv/SERV and the Trade Information Warehouse to receive an automatic feed of relevant credit derivative trade data from the Warehouse to CrossCheck. With this feed in place, clients can compare their portfolio records against the Warehouse to ensure agreement with the “golden copy” of trade details for positions with all counterparties who use Deriv/SERV. CrossCheck is the only commercially available solution that supports a multilateral reconciliation model in which a client can simultaneously reconcile with counterparties, the Trade Information Warehouse and service providers such as custodians and prime brokers.
Omgeo CrossCheck helps minimize the risks and consequences of unaligned portfolios in advance of payments, collateral calls, credit events and other situations. Firms are better able to scale their business as volumes expand, while effectively managing risk in times of market stress, allowing for high levels of transparency and efficiency. CrossCheck is part of Omgeo’s overall counterparty risk management offering, which also consists of Omgeo ProtoColl, an end-to-end, event-driven collateral and margin management workflow solution that automates the complex collateral process.
“Since the debut of Omgeo’s counterparty risk management offerings, and specifically our portfolio reconciliation service Omgeo CrossCheck, we’ve been dedicated to ensuring that the data involved is of the utmost quality,” said Steve Matthews, managing director, product at Omgeo. “By linking CrossCheck to the global standard for centralized and secure data for OTC derivatives at DTCC’s Trade Information Warehouse, our clients can be assured that their risks are further mitigated throughout the length of their derivatives contracts.”
“Omgeo and DTCC have a long-standing mutual goal of mitigating operational risk within the financial community,” said Peter Axilrod, DTCC managing director, business development and Deriv/SERV. “By linking its CrossCheck offering to the Trade Information Warehouse and its contract data, Omgeo is strengthening its counterparty risk management services for market participants.”
ABOUT OMGEO
Omgeo creates certainty in post-trade operations through the automation and timely confirmation of the economic details of trades executed between investment managers and broker dealers. Every day Omgeo enables an efficient community of more than 6,000 financial services clients in 45 countries to manage matching and exception handling of trade allocations, confirmations, and settlement instructions. Omgeo has also extended its trade lifecycle coverage to include counterparty risk management, which supports end-to-end collateralization and reconciliation across multiple asset classes. Leading organizations rely on Omgeo to help manage an increasingly complex investment industry by providing operational stability and solutions that complement the focus on profitability in an era of escalating trade volumes. Across borders, asset classes, and trade lifecycles, Omgeo is the global standard for operational efficiency across the investment industry. Formed in 2001, Omgeo is jointly owned by the DTCC and Thomson Reuters.
ABOUT DTCC’S TRADE INFORMATION WAREHOUSE
The Trade Information Warehouse is a service offering of DTCC Deriv/SERV LLC, a wholly-owned subsidiary of DTCC, and is the market’s first and only central registry and automated trade database supporting the post-trade processing of over-the-counter derivatives contracts over their lifecycles, from confirmation through to final settlement. Established in November 2006, the Warehouse is the OTC derivatives industry’s electronic central registry for credit default swaps. With a client base that includes virtually all global derivatives dealers and more than 1,300 buy-side firms in 35 countries, DTCC’s Warehouse has registered the vast majority of all credit default swaps traded worldwide.
For more information about DTCC, please visit www.dtcc.com. |
 |
|
|
