Singapore’s sovereign wealth fund GIC P has adopted Omgeo ALERT to boost operational efficiency

Singapore’s sovereign wealth fund GIC P has adopted Omgeo ALERT to boost operational efficiency
06.05.2015 01:00 am

Singapore’s sovereign wealth fund GIC P has adopted Omgeo ALERT to boost operational efficiency

 Omgeo, a wholly owned subsidiary of The Depository Trust & Clearing Corporation (DTCC) and the global standard for post-trade efficiency, announced today that Singapore’s sovereign wealth fund GIC Private Limited (GIC) has adopted Omgeo ALERTSM, the industry’s largest and most compliant web-based global database for the maintenance and communication of account and Standing Settlement Instructions (SSIs). The firm adopted the solution to deliver further improvements in post-trade operational efficiency.

GIC wanted to enhance its enterprise trade lifecycle platform as part of a two-stage process. Phase one involved the importing of SSIs into ALERT, with a focus on fixed income instructions, in the third quarter of 2014. GIC is now embarking on the second phase of that project: loading SSIs for equity trades into ALERT. This 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, and now TBAs (contracts for the purchase or sale of mortgage-backed securities in which the pool number and security identifier are unknown at the time of the trade). Additional asset classes, including repos, exchange traded derivatives and synthetic equity swaps are also available to other clients when they use Omgeo CTM.

GIC continues to strive to achieve good long-term returns on assets under its management by enhancing its service. Omgeo ALERT was selected as the SSI solution due to its strong and recognised functionality, asset class coverage, data quality, global community and market uptake.

“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,” said 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. Furthermore, as the industry moves to accelerate trade cycles around the world, SSI accuracy is becoming more and more important.

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