Over 225 Investment Managers Globally Now Using Omgeo ALERT for FX Settlement Instructions

Omgeo ALERT FX instructions soar to over 640,000

New York/Boston/London/Hong Kong/Singapore – November 20, 2014 –
Omgeo, the global standard for institutional post-trade efficiency, today announced that over 225 investment managers worldwide are now leveraging Omgeo ALERTSM for Foreign Exchange (FX) standing settlement instructions (SSI). ALERT is the industry’s largest and most compliant online global database for the maintenance and communication of account and SSI, enabling over 1,800 investment managers, brokers/dealers and custodian banks to share accurate data worldwide. Today, ALERT supports FX, as well as 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 turnover soaring by 32%[1] since 2010, more and more institutions are turning to automation in FX post-trade operations. With 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.

“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,” stated Jay Daly, Director of Investment Operations, Pioneer Investments Management USA Inc. “At the same time, we are able to streamline our broker/dealer interactions – granting them access to leverage our SSIs directly from the ALERT service.”

The service currently holds over 640,000 FX instructions with a compliance rating[2] of over 97%. The number of FX instructions is expected to grow as new segments, including global custodians and prime brokers, begin to use ALERT later this year as part of its evolution to become the global SSI Utility.

“We are pleased to see so many of our existing customers continue to get additional benefit out of the ALERT service by leveraging the solution to better manage their FX instructions,” added Bill Meenaghan, Director of ALERT Product Management at Omgeo. “As firms look to bring greater levels of automation to their post-trade FX processes, ALERT is a key component of that strategy. We look forward to our ongoing work with our new and existing community members to deliver on the promise of the SSI Utility.”

About OmgeoSM
Formed in 2001, Omgeo automates trade lifecycle events between investment managers, broker/dealers and custodian banks, enabling 6,500 clients and 80 technology partners in 52 countries around the world to seamlessly connect and interoperate. By automating and streamlining post-trade operations, Omgeo enables clients to accelerate the clearing and settlement of trades, and better manage and reduce their counterparty and credit risk. Omgeo’s strength lies within its global community and its ability to create solutions to enable clients to realize clear returns on their investment strategies, while responding to changing market and regulatory conditions. Across borders, asset classes, and trade lifecycles, Omgeo is the global standard for operational efficiency across the investment industry. For more information, please follow us on Twitter @Omgeo.

About Omgeo ALERT
Omgeo ALERT is the industry’s largest and most compliant online global database for the maintenance and communication of account and standing settlement instructions (SSI). The service is used by over 1,800 firms globally and holds over five million settlement instructions in nearly 500,000 accounts. Omgeo has partnered with DTCC to establish a user-governed global repository, or SSI Utility, to store and communicate the “golden copy” of SSIs for all products and geographies. ALERT will serve as the foundation for this service. With the creation of an SSI Utility, market participants can consolidate SSI information across all counterparties, matching platforms and asset classes into one database, ALERT, thereby reducing risk and cost. To learn more, please visit www.omgeo.com/alert.

[1] Source: Bank for International Settlements, “OTC FX Market Turnover” highlights 6.671 trillion (2013) vs. 5.043 trillion (2012)

  [2] The Omgeo ALERT compliance rating is generated by comparing local market and ALERT rules with each settlement instruction. In this case, over 97% of FX instructions are in full compliance.
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