Omgeo OASYS Marks 20 Years of Standardization and Automation
Celebrating Two Decades as an Industry Leader in Trade Allocation and Acceptance
New York/Boston – September 27, 2010 – Omgeo, the global standard for post-trade efficiency, today announced that its U.S. domestic trade allocation and acceptance service, Omgeo OASYSSM, is celebrating its 20th year in operation. Omgeo OASYS, an acronym for “Order Allocation System”, plays a significant role in bringing efficiency and standardization to the allocations processing space.
Launched in 1990 by Thomson Reuters (formerly Thomson Financial) and now offered by Omgeo, Omgeo OASYS transformed the middle office, automating previously manual processes and introducing straight-through processing (STP). Driven by demand from the investment manager community, Omgeo OASYS, which communicates trade and allocation details between investment managers and broker/dealers, brought automation to a previously manual process traditionally handled by traders. With OASYS, community members could fully automate their growing equity and fixed income allocations, introducing transparency and risk mitigation to the financial community as a whole while enabling traders to focus on their core competencies.
As the industry’s earlier standard for middle office allocation automation, Omgeo OASYS has also served as the first model for additional Omgeo services that are used globally, including Omgeo OASYS GlobalSM and, later, Omgeo Central Trade ManagerSM (Omgeo CTM).
Steve Matthews, Managing Director of Product at Omgeo, comments, “For over 20 years, Omgeo has been committed to working with our community to bring increased levels of automation and reduced risk to the post-trade process. We would not have achieved this key OASYS milestone were it not for our community of users and technology partners, who played a pivotal role in promoting automation across the industry while advising us on their on-going needs so that OASYS could be developed in tandem with market requirements.”
“Omgeo OASYS was a game-changer when it was introduced in 1990 and without it, the industry would have not been able to make pivotal improvements, such as the move from T+5 to T+3 in 1995,” said James Leman, Principal and Capital Markets Head of Westwater Corp. “As former vice president at Salomon responsible for program trading and all middle-office personnel, I witnessed first hand the support that OASYS provided the industry against the relentless increase in trading volumes. Twenty years later, Omgeo OASYS continues to dramatically mitigate risks and improves the process for all market participants.”
Today, more than 1500 broker/dealers, investment managers and hedge funds use Omgeo OASYS. Nearly 64 million allocation trades were sent through OASYS in 2009, underlining an average 12% year-over-year allocation growth seen over the past five years.
About OmgeoSM
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 46 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.
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