Thomson TradeWeb Joins Omgeo STP Partners Program

| Tradeweb Markets

Thomson TradeWeb and Omgeo to Deliver End-to-End STP for Fixed Income 

 

Boston/New York/London - February 3, 2005 - Omgeo, the leading provider of global trade management services, and Thomson TradeWeb, the leading online trading network for fixed income markets, jointly announced today that Thomson TradeWeb has joined the Omgeo STP Partners Program. Under the agreement, the companies plan to further automate fixed income trade processing through the creation of electronic links between TradeWeb and certain Omgeo services.

 

Initially, Omgeo and Thomson TradeWeb will link TradeXpress, TradeWeb's online STP network that enables institutions and dealers to allocate and confirm trades, with OASYS, Omgeo's U.S. domestic trade allocation and acceptance service. This will enable investment managers and their broker/dealer counterparts to electronically exchange and manage allocation information regardless of whether allocations are generated on either TradeXpress or OASYS. This new consolidated feed and online allocation management tool provides broker/dealers with significant opportunity to reduce trade processing costs by further eliminating error prone manual processing. Investment managers will benefit from the increase in the number of broker/dealers who will be able to accept and process allocations electronically.

 

"Fixed income trade processing is a unique challenge for our industry and often very manual and costly," said Jon Ambos, Director of Operations at Citigroup Asset Management. "As a member of the Omgeo Fixed Income Working Party and TradeWeb's STP Advisory Group, I am very encouraged to see this partnership move towards an STP (Straight-Through Processing) solution which will simplify our trade processing. Both organizations have been very proactive in getting feedback from clients, like Citigroup, to help in determining the best solution for the industry."

 

John Burchenal, Director of STP at Thomson TradeWeb stated: "We are very excited about our STP Partnership with Omgeo. As a result of the link between TradeWeb and Omgeo, our mutual clients will be able to leverage a single STP solution from trade execution straight through to settlement. The fixed income industry has made significant progress in automation, and we expect that by streamlining the processes even more participants will continue to reduce their exposure to trade processing errors - paving theway for greater efficiencies."

 

"One of the major challenges in the industry today is how to better leverage existing infrastructures to solve trade flow problems and increase overall efficiency," said Kathy Ball-Toncic, Executive Director, Omgeo STP Partners Program. "Our STP Partnership with Thomson TradeWeb delivers on the promise of offering our mutual clients cost-effective and integrated alternatives to accessing Omgeo services worldwide."

 

Omgeo STP Partners Program

Omgeo is committed to partnering with leading service and technology providers that enable clients to achieve the efficiencies of straight through processing. As such, Omgeo continues to maintain a neutral role in the industry and provide equal levels of post-trade processing services for all our clients' trades, regardless of the methods they choose to execute them: exchange, ECN, ATS, over the counter, etc. Additional information on the Omgeo STP Partners Program can be found at http://www.omgeo.com/partners.

 

About Omgeo

 

Omgeo is the leading provider of post-trade pre-settlement trade management solutions, processing over one million trades per day and serving 6,000 investment managers, broker/dealers and custodians in more than 40 countries. We partner closely with service providers, infrastructure suppliers, industry standards organizations, and our clients to increase operational efficiency and reduce risk for the world's investment management community through STP solutions. With 27 combined years of experience, Omgeo is the result of a global joint venture between The Depository Trust andamp; Clearing Corporation (DTCC), the securities industry's respected utility, and Thomson Financial, a leading provider of financial workflow solutions. Our Board of Managers includes recognized global experts who provide industry oversight and help shape the vision of Omgeo. For more information about Omgeo's STP solutions, go to www.omgeo.com.

 

About Thomson TradeWeb

 

TradeWeb is the leading online fixed-income trading network with over 5 million trades executed and total volume surpassing $57 trillion since its inception in 1998. TradeWeb's multi-dealer auction model links 31 of the world's leading dealers of fixed-income securities with more than 1,700 buy-side institutions in North America and Europe.

 

The business is also the leading electronic "straight-through processing" network for the fixed-income markets, providing dealers and buy-side institutions with paperless trade allocations and confirmations on its fully integrated TradeXpress network. TradeWeb's STP network also includes AccountNetÒ, the leading standard settlement instructions database.

 

Thomson TradeWeb operates within the Thomson Financial group of businesses. TradeWeb LLC is a member of the NASD. TradeWeb Europe LLC is regulated by the FSA.

 

About Thomson Financial

 

Thomson Financial is a US$1.5 billion provider of information and technology solutions to the worldwide financial community. Through the widest range of products and services in the industry, Thomson Financial helps clients in more than 70 countries make better decisions, be more productive and achieve superior results. Thomson Financial is part of The Thomson Corporation (www.thomson.com), a leading provider of value-added information, software tools and applications to more than 20 million users in the fields of law, tax, accounting, financial services, higher education, reference information, corporate training and assessment, scientific research and healthcare. With revenues of US$7.44 billion, The Thomson Corporation lists its common shares on the New York and Toronto stock exchanges (NYSE: TOC; TSX: TOC.)

Tags: Tradeweb Markets, News Release , Workflows/Technology