GBST Shares now linked with Omgeo CTM and first major institutional brokerage client live.
GBST announces that its new joint offering with Omgeo, the global standard in post-trade efficiency, is now live. The offering links GBST Shares™, the leading middle and back-office equities system in Australia, with Omgeo Central Trade ManagerSM(Omgeo CTM), an automated solution for the central matching of cross-border and domestic equity, fixed income, exchange traded derivative (futures and listed options) and contracts for difference trades.
By adopting the integrated GBST and Omgeo solution, clients are able to take advantage of the benefits of Omgeo CTM directly from their GBST Shares system, including higher same-day affirmation rates, real-time central matching capabilities and increased capacity. The adoption of the joint offering comes at an important time when settlement cycles are being accelerated across the global markets, and when brokers are looking to ensure that they have the most efficient processes and technologies across their operations.
GBST’s CEO of Capital Markets, Denis Orrock, said: “The accreditation and implementation of the Omgeo CTM solution into the GBST equities platform is a continuation of our commitment to both the local and global equities markets. We have already commenced migrating our client base to a solution which provides greater control in post-trade processing and transparency around the world. Our initial implementation here in Australia has achieved faster processing and increased capacity for one of the industry’s major institutional players and we have great confidence that our global clients will be sharing these benefits in the near future.”
For Omgeo the integration of the two solutions will benefit the local industry into the future: “We are pleased that clients can increase levels of efficiency in their operations through the central matching capabilities of Omgeo CTM via GBST Shares. In addition, we look forward to working closely with GBST to elevate post-trade automation amongst market participants in Australia,” stated Julie Fe’aunati, Director of Relationship Management at Omgeo.
The GBST Shares solution has been certified to the latest Omgeo CTM specifications and offers a number of flexible interface options to access the central matching service, a connectivity bureau option and event-based ‘push’ technology that enables trade status messages to be sent proactively between the client’s MQ server and the Omgeo CTM host throughout the electronic trade confirmation process. The connectivity bureau option is a cost-effective, hosted alternative for Omgeo CTM clients, eliminating the need to establish dedicated leased lines and maintain internal MQ operations.
The integrated solution will assist clients migrating from Omgeo’s legacy OASYS GlobalSM system to the advanced central matching benefits of Omgeo CTM by June 2013.
“This is a significant milestone for both organisations and, most importantly, over 65% of the Australian market already relying on GBST Shares for its daily equities operations. Our strategy will see us offer the benefits of Omgeo CTM to our entire client community,” concluded Orrock.