Birla Sun Life Asset Management, an Indian mutual fund manager, has teamed up with post-trade processing firm Omgeo to reduce the inefficiencies related to manual settlement processes.
The firm has implemented Omgeo Central Trade Manager (CTM) and Omgeo Alert, for cross-border post-trade processing and standing settlement and account instruction (SSI) enrichment.
Electronic straight-through-processing of post-trade information has been mandated for domestic deals since 2003 by Indian regulator the Securities and Exchange Board of India. Birla Sun Life Mutual Fund's adoption of Omgeo CTM is intended to create an equivalent level of efficiency for its cross-border trades.
Omgeo CTM lets Birla Sun Life Mutual Fund automatically match the details of cross-border transactions, minimising inefficiency and operational risk, such as instances where client and counterparty instructions are mismatched
Birla Sun Life Mutual Fund has also implemented Omgeo Alert, the web-based global database for the maintenance and communication of SSIs. With Alert, Birla Sun Life Mutual Fund can automatically add Alert data to the Omgeo CTM trade details, ensuring the most current, accurate and compliant SSIs are included.
In addition, by opting for the settlement notification feature in Omgeo CTM, Birla Sun Life Mutual Fund can send settlement messages in SWIFT industry-standard formats to custodians and interested third parties from one source.
Birla Sun Life is a joint venture between the Aditya Birla Group and Canadian fund manager Sun Life Financial Services. Its mutual fund offers a range of investment options across domestic and international markets.