Singapore’s GIC Private, one of the world’s largest sovereign wealth funds, has adopted Omgeo ALERT in order to improve post-trade operational efficiencies.
GIC initially began the adoption of the utility in the third quarter of last year when it imported its Standing Settlement Instructions (SSI) data into ALERT, with a focus on fixed income instructions. It is now embarking on a second phase, being the loading of SSIs for equity trades, which is scheduled to go live in the second quarter of 2015.
GIC first engaged Omgeo in 2007 when it adopted Omgeo Central Trade ManagerSM (Omgeo CTM) for the automated central matching of domestic and cross-border equities and fixed income trades.
“GIC’s adoption of ALERT is symbolic of a broader trend among companies in Asia Pacific to improve the management and communication of SSIs with global counterparties. With ALERT, market participants are able to increase operational efficiencies since the solution automatically enriches trades in Omgeo CTM with accurate and compliant settlement and account instructions,” says Nellie Dagdag, executive director of DTCC Asia.
Compliance with growing regulation, reputational risk from failed trades, and lower operating costs by removing manual processes are the key reasons companies in Asia Pacific are increasingly automating their trade confirmation processes, according to a recent study, commissioned by Omgeo.