Omgeo Signs Legal & General to Central Trade Manager
Legal & General Investment Management, which has some £381 billion in assets under management (approximately $611.9 billion), will use Omgeo CTM for equity and fixed income transaction processing. The implementation is scheduled to be completed by November 2012. The company has extended its previous relationship with Omgeo, under which it has used Omgeo OASYS since 1998.
"We look forward to utilizing the new capabilities in Omgeo CTM and in further streamlining our post-trade communications with our counterparties and vendors," comments Lee Toms, head of investment operations at Legal & General Investment Management.
The significant client win comes as Omgeo also announces a 25 percent increase in its client base for Omgeo CTM, bringing the total number to 1,175 across the buy and sell sides.
"The increasingly rapid adoption of Omgeo CTM is testament to the industry's belief that central matching is the most effective way of achieving best practice in trade confirmation, while ensuring shorter settlement cycles can be achieved," says Tim Keady, managing director of sales and solutions delivery at Omgeo. "As we move closer to the implementation of the T+2 settlement cycle in Europe, we anticipate there will be even greater adoption of central matching."
As we move closer to the implementation of the T+2 settlement cycle in Europe, we anticipate there will be even greater adoption of central matching.
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