Brown Brother Harriman (BBH) has become the first global custodian to go live on the new Omgeo ALERT GC Direct Service.
The service is designed to improve the standing settlement instruction (SSI)_ data related to trade settlement processes between global custodians, funds and investment managers, and will allow BBH to provide and maintain SSI data for its clients and their investment managers.
Any BBH clients that use the ALERT capability will be able to connect electronically. The system is automated and secure, designed for efficiency and to reduce operational risk and costs.
Ray Tyrrell, senior vice president at BBH, commented: "BBH is committed to implementing best-in-class solutions and [work] with the industry to mitigate risk and enhance SSI data quality.”
“We’re pleased to work with Omgeo using GC Direct in our efforts to deliver improved operational and cost efficiencies to our clients and their investment managers."
According to Omgeo, the launch of GC Direct capabilities marks a milestone as ALERT evolves to be more involved in the industry’s SSI Utility. It will allow global custodians to update, maintain, and manage SSI data electronically for the first time.
Paula Arthus, president and CEO of Omgeo, said: "As the industry continues to reduce risk throughout the trade lifecycle, and with a large number of markets having moved to a T+2 settlement lifecycle, firms are facing increased pressure to ensure efficient, transparent processes are in place across their operations.”
She added: “We anticipate further participation from the custodian bank and asset management community."
