ITG Canada has become the first broker in North America to go live with the Omgeo Central Trade Manager (Omgeo CTM).
The Omgeo CTM began matching last year and how 6 brokers live on the solution with an additional 7 planning to go live in the first half of 2010.
In a company statement Tim Keady, managing director, global sales and relationship management, Omgeo, said, “At Omgeo, we've continued to increase our footprint in Canada…We are pleased to welcome ITG Canada as the first broker in North America to be live on Omgeo CTM, as this is a critical step in promoting increased levels of operational efficiency within Canada, while migrating Omgeo's broker community from Omgeo OASYS Global to the central matching benefits of Omgeo CTM.”
Central matching accelerates the post-trade, pre-settlement process by proving more time to resolve trade exceptions and enhances the ability for clients to achieve same-day trade affirmation.
Added Nicholas Thadaney, CEO of ITG Canada, “Omgeo CTM has demonstrated that it enables improved matching rates for global market participants. This is particularly important in Canada as we navigate National Instrument 24-101, which defines mandatory institutional trade matching. With ITG Canada brokerage operations on Omgeo CTM and the ITG Trade Ops software-as-a-service/ASP solution to fully automate and integrate investment manager post trade operations, we are now better positioned to partner with our investment manager clients to promote greater efficiency, reduced risk and overall improved straight-through processing.”