GBST and Omgeo boost STP in ASIA
(22 April 2004)
GBST has entered into a partnership agreement with Omgeo - as part of the Omgeo STP Partners Program, which aims to increase rates of straight through processing (STP) between investment managers and institutional brokers across the Asia Pacific Region.
"As a leading provider of back office systems for stockbrokers in the region, we are delighted to be working with Omgeo to deploy electronic trade confirmation (ETC) across our client base and the market," said GBST's CEO, Mr Stephen Lake.
"The proven benefits of ETC provided by Omgeo OASYS Global Direct include improved processing capability, lower cost and decreased operational risk for both fund manager and broker communities. Omgeo's global reach across more than 6,000 investment managers in 40 markets, means brokers can extend their services to counterparties and institutions worldwide."
"Research conducted by Omgeo in October 2003 shows that Australia leads the region in back-office automation. The task now is to improve STP rates between investment manager's and brokers to drive further efficiency.", Darryl Mueller, Managing Director for Omgeo Asia observed.
"The majority of respondents recognise automation is vital to enable them to successfully grow their business over the years to come, especially as Asian markets are increasingly focussing on cost reduction and increased operational efficiency. By partnering with a key player such as GBST, we will be able to offer the Asian trading community more flexible STP solutions to match their business requirements and remain competitive. "
According to Mr Lake, a number of GBST's SharesTM institutional brokers are already using the interface, which integrates messages from investment managers via the OASYS Global Direct service directly into the GBST SharesTM back office system.
"Clients in Australia, New Zealand, and Hong Kong understand this connectivity is essential," Mr Lake said. "Electronic post trade confirmation and settlement are an integral part of GBST's new suite of regional solutions."
About Omgeo
Omgeo LLC is the leading provider of post-trade pre-settlement trade management solutions, processing over one million trades per day and serving 6,000 investment managers, broker/dealers and custodians in more than 40 countries. OMGEO partners closely with service providers, infrastructure suppliers, industry standards organisations, and our clients to increase operational efficiency and reduce risk for the world's investment management community through STP solutions. With 27 combined years of experience, Omgeo is the result of a global joint venture between The Depository Trust & Clearing Corporation (DTCC), the world's largest post-trade processing infrastructure provider, and Thomson Financial, a leading provider of financial workflow solutions.
About GBST
Established in 1983 GBST is a leading provider of integrated financial solutions for a wide range of market participants in the Asia Pacific Region. GBST SharesTM, the back office system preferred by the majority of Australian stockbrokers, processes up to half of all trades on the Australian Stock Exchange. GBST also facilitates cross border trading in New Zealand and Hong Kong.
For Further Information Contact:
GBST
Gary Maller
Mobile: 0438 625 537
Email: gm@ic360.com.au
OMGEO
Anne Llewelyn
Tel: +65 6879 9704
Email: anne.llewelyn@omgeo.com
22 April 2004.
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