Imported from previous forum
Fischer Francis Trees & Watts Realises True End-to-End STP with New Omgeo Interface
FIX interface to Omgeo CTM links front and back offices to deliver optimum efficiency
Boston, New York and London, 13th March 2006 – Omgeo, the leading provider of trade management solutions, and Fischer Francis Trees & Watts, Inc. (FFTW), the specialist manager of US, global and international fixed income portfolios for institutional clients, today announced that FFTW has gone live with a new FIX interface to Omgeo Central Trade ManagerSM (Omgeo CTM) for its global bond matching. FFTW is the first client to use the interface, which allows market participants to utilise existing FIX 4.4 infrastructures to bridge the front and back office, using an industry standard protocol. Firms are able to process both equity and fixed income trades via the interface, which underscores Omgeo’s ongoing commitment to embracing industry protocols in order to drive standardisation in trade processing.
Prior to this development, FFTW used Omgeo OASYS Global to manage its electronic trade confirmation, and upgraded to Omgeo CTM in order to create a more streamlined process. Following trade execution, FFTW sends its fixed income trade allocations in FIX 4.4 format directly from its order management system into Omgeo CTM and thereafter to settlement without the need for manual intervention. Once the trade has been matched, FFTW’s order management system is automatically updated with the new status of the trade information and the trade immediately is formatted for communication to the custodian.
With Omgeo CTM, FFTW can identify and rectify any trade exceptions on trade date, minimising operational cost, risk and error. FFTW has cited that by centrally matching trades, the average time to confirm and allocate a fixed income trade has been reduced to just 5 minutes in cases where the counterparty is fully automated. Close to 100 percent of trades now match on trade date (T+0).
Michael Wyne, managing director, FFTW commented, “Four years ago we embarked on a programme to extend automation across all areas of our operations. The FIX interface to Omgeo CTM is the final piece of the puzzle and offers us a ‘best of both worlds’ solution: the ability to leverage industry standards while receiving all the benefits of a fully serviced central matching environment.
“In addition, unlike other solutions in the global marketplace that can only offer T+1 affirmation, Omgeo CTM enables us to affirm all our fixed income trades on trade date, as well as settling them on time. We are now faster, leaner and more accurate in our trade processing. This is a great result with tangible benefits.”
John Burchenal, managing director of asset class expansion at Omgeo commented, “This newest interface to Omgeo CTM, the FIX interface, offers our clients increased choice about how to connect to Omgeo to efficiently handle post-trade processing across a full range of asset classes. We are delighted to see Fischer Francis benefit from our ongoing strategy to embrace industry protocols.”
Omgeo’s president and CEO, Adam Bryan added, “We have reached a significant milestone with over 100 clients live on Omgeo CTM and more than 80 clients in the pipeline. This is compelling proof that central matching is recognised by the securities industry as the most efficient and effective method of processing trades. We will continue to increase the flexibility of Omgeo CTM to further enhance its value proposition to our clients in the future.”
The FIX interface is the latest addition to a variety of different access methods to Omgeo CTM, including the Direct Interface for high volume clients, the Message Translation Interface, enabling shorter implementation times and the Allocation Interface, for small- to mid-sized investment managers. Omgeo also partners with a range of order and portfolio management system providers to provide connectivity between front office systems and its solutions, including Omgeo CTM.
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About Fischer Francis Trees & Watts
Fischer Francis Trees & Watts provides global fixed-income asset management services to 161 clients from 37 countries using a 24-hour platform that is serviced by our London, New York, Singapore and Tokyo offices. Outstanding client service, a long and successful track record, and over 30 years of global bond and foreign exchange management experience has helped FFTW accumulate assets under management of US$39.7 billion. With a focus on servicing institutional clients and an average portfolio size of approximately US$200 million, FFTW offers products ranging from low-volatility LIBOR strategies to high-volatility alpha-generating strategies.
*Figures are correct as at December 31, 2005
About OmgeoSM
Omgeo plays a core role as the orchestrator of post-trade pre-settlement trade management within the global securities industry. With more than 6,000 users in 42 countries around the globe, Omgeo acts as a central hub and go-to resource for solutions that expedite information flow and connect systems in order to fuel productivity, reduce costs and minimize risks for investment managers, broker/dealers and custodian banks. Through a resolute commitment to working with the industry and all its parts to continually drive efficiency, Omgeo has achieved a stature that is unmatched in its field. Omgeo’s expertise goes beyond its products and services delivering the most robust and sustainable solutions to its clients by coordinating all available resources in the marketplace. Firms count on Omgeo’s rich experience as a solutions provider and its well-established relationships with regulators, industry associations and third-party service providers to help them navigate through a continuously changing industry landscape.
For more information about Omgeo and its STP solutions, go to www.omgeo.com.