The Depository Trust & Clearing Corporation (DTCC) is taking full control of post-trade services provider Omgeo after agreeing to acquire Thomson Reuters’s 50 percent stake in the company.
Equal partners DTCC and Thomson Reuters launched Omgeo in 2001.
Since its inception, the now fully-owned DTCC subsidiary has introduced a straight-through-processing solution for institutional post-trade processing, which integrated an electronic allocation engine, a central matching solution and an account and standing settlement instruction database.
Marianne Brown will continue to serve as president and CEO of Omgeo. The terms of the deal were not disclosed and the transaction will close once regulatory filings are made.
“Full industry ownership enables market participants to play a larger role in shaping decisions related to Omgeo’s technology platforms and processes, that in turn help support their own firms’ strategies,” said DTCC’s Andrew Gray, who is also chairman of the board of managers at Omgeo.
“This transaction is aligned with our strategy to build and grow our core businesses globally as Omgeo’s international community and multi-asset class capabilities will open the door to new opportunities for DTCC as we look to expand more broadly in the global post-trade processing sector.”
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