Singapore’s sovereign wealth fund GIC Private Limited has adopted Omgeo Alert, the industry’s largest web-based global database for the maintenance and communication of account and standing settlement instructions (SSIs).
The fund has stated that it adopted the solution in order to deliver further improvements in post-trade operational efficiency.
GIC has said that it wanted to enhance its enterprise trade lifecycle platform as part of a two-stage process.
Phase one involved the importing of SSIs into Alert, with a focus on fixed income instructions, in Q3 of 2014.
GIC is now embarking on the second phase of that project: loading SSIs for equity trades into Alert. This is scheduled to go live in Q2 of 2015.
GIC first engaged Omgeo, a wholly owned subsidiary of The Depository Trust & Clearing Corporation (DTCC), in 2007 when it adopted Omgeo Central Trade Manager (Omgeo CTM) for the automated central matching of domestic and cross-border equities and fixed income trades.
Additional asset classes, including repos, exchange traded derivatives and synthetic equity swaps are also available to other clients when they use Omgeo CTM.
“GIC’s adoption of Alert is symbolic of a broader trend among companies in Asia Pacific to improve the management and communication of SSIs with global counterparties,” said Nellie Dagdag, executive director of DTCC Asia.
“With Alert, market participants are able to increase operational efficiencies since the solution automatically enriches trades in Omgeo CTM with accurate and compliant settlement and account instructions.”
Compliance with growing regulation, reputational risk from failed trades, and lower operating costs by removing manual processes are the key reasons companies in Asia Pacific are increasingly automating their trade confirmation processes, according to a recent study commissioned by Omgeo.
