The Depository Trust & Cleaning Corporation (DTCC), processor of mutual funds and insurance transactions, has bought Omgeo from Thomson Reuters, making it a DTCC subsidiary and allowing the companies to create a combined strategy for post-trade processing and settlement.
“Omgeo’s strategy is highly compatible with DTCC’s mission,” says Marianne Brown, president and CEO of Omgeo, in an email. “Both firms are focused on protecting our clients and the financial markets by providing solutions that create efficiencies and reduce risk in clients’ most critical post-trade operations.”
[Check out an interview with Marianne Brown.]
The transaction will help Omgeo focus on its strategy, which includes building their business in the post-trade processing sector, comments Brown in a release. "We’ll partner with our clients and DTCC to drive industry best practice and reduce risk by delivering innovative solutions as a compelling total cost of ownership," adds in an email.
"The transaction will enable DTCC and Omgeo to drive a unified global strategy for post-trade processing and facilitate increased collaboration among market participants," says DTCC Managing Director, Head of Core Business Management and Chairman of the Omgeo Board Managers, Andrew Gray, in an email.
Omgeo has 6,500 clients and 80 technology partners in 52 countries around the world.