Connor, Clark & Lunn Financial Group (CC&L), a Canadian multi-boutique asset management firm, has signed up to use Omgeo Central Trade Manager (Omgeo CTM). The firm will use Omgeo CTM to process domestic and cross-border trades across multiple time zones through a single interface.
CC&L says it has adopted Omgeo CTM largely because the solution reduces costs and inefficiencies, allowing the firm to focus on exception processing and minimising risk. Omgeo adds that CTM facilitates compliance with Canada’s National Instrument 24-101 Institutional Trade Matching Mandate (ITM). The firm claims that current Omgeo CTM users can achieve ITM rates upwards of 90 percent.
When using Omgeo CTM, Canadian domestic trades executed by CC&L are matched and can be sent directly to the Canadian Depository for Securities (CDS) for settlement. The interface between Omgeo CTM and CDS provides fully automated messaging, enabling the electronic pass-through of matched trades in real-time.
“Our relationship with Omgeo has been ideal at a time of important change in the Canadian marketplace,” said Andrew Lefevre, chief administration officer, Connor, Clark & Lunn Financial Group, in a statement. “CC&L has always been committed to the highest standards in operations and trade processing and we believe that Omgeo CTM will play an integral role in continuing our reputation of regulatory compliance and sound business practices.”
“The addition of Connor, Clark and Lunn Financial Group to the global Omgeo community is a true win for us, as our client community is our biggest asset,” said Timothy Keady, managing director, global sales and relationship management, Omgeo.