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The Omgeo Central Trade Manager (Omgeo CTM) EuroCCP solution is a new automated clearing system that introduces a central counterparty to the post-trade processing model by linking our central matching solution, Omgeo CTM, with European Central Counterparty Limited (EuroCCP), a central counterparty that supports pan-European securities trading. Not only does the Omgeo CTM EuroCCP solution protect against the risk of trade failure due to counterparty default, it also performs automated netting of OTC equity transactions, promoting increased cost efficiencies as fewer trades are sent downstream to settlement.
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Description of the Service Trades which have been matched and authorised by the Prime broker or Custodian are sent from Omgeo CTM to EuroCCP for novation and netting. Next, transactions are confirmed and the allocations reported to participants. EuroCCP then sends the resulting obligations to the settlement and participant agents and informs each participant of the required payments, before the obligations are sent to the central securities depository (CSD). Key Benefits Mitigates counterparty risk through the introduction of a central counterparty between buy and sell-side. Includes automated netting process, thereby reducing costs as less settlements need to be processed. Locks down trades soon after execution, often on the same day. Removes manual operational risk by promoting the central matching of allocations and confirmations. Enables all market participants to have workflow and trade status details communicated to them in real time. Requires minimal changes for existing Omgeo CTM users. Participation Requirements All parties are users of Omgeo CTM Prime brokers/Custodians and Executing brokers are clearing members of EuroCCP |
