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GBST Shares links up with Omgeo CTM
GBST has been accredited to offer Omgeo's new central trade manager (CTM) in conjunction with its middle and back-office equities system, GBST Shares.
The joint offering allows GBST Shares' clients access to Omgeo's CTM via their existing system and increases same-day affirmation rates and capacity, implementing real-time central matching capabilities.
GBST said the launch of the joint offering was timely as settlement cycles accelerated across global markets and brokers searched for the most efficient processes and technologies.
Over 65 per cent of the Australian market relied on GBST Shares for daily equities operations, according to GBST's new chief executive of capital markets Denis Orrock.
He said the system was already live for one of GBST's major institutional clients, while it had begun migrating its remaining clients to a solution which provides "greater control in post-trade processing and transparency around the world".
"Our initial implementation here in Australia has achieved faster processing and increased capacity for one of the industry's major institutional players and we have great confidence that our global clients will be sharing these benefits in the near future," he said.
The move also supported Omgeo's plans to phase out its legacy Omgeo OASYS global system by June 2013, he said.
Omgeo director of relationship management Julie Feaunati said Omgeo would continue to work with GBST to elevate post-trade automation across market participants in Australia.
Orrick was recently appointed to chief executive of capital markets in London to assist with the global expansion of GBST Capital Markets platform Syn.
He previously managed GBST's Australian Broker Services and Financial Services divisions for five years and held senior positions with Infochoice, Taylor Collison, Grange securities and UBS.
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