Omgeo, the global standard for post-trade efficiency, announced today that it is partnering with Maitland, an international fund administration firm, to offer the central matching capabilities of Omgeo Central Trade Manager (Omgeo CTM) to their clients.
The first client live on the service is Old Mutual Investment Group South Africa (OMIGSA), the largest asset manager in South Africa, with its international index tracking funds.
Clients using the outsourced service will benefit from the local presence and customer support of Maitland, combined with a reduction of operational risk and an increase in trade processing efficiency delivered by Omgeo's central matching service, Omgeo CTM.
The partnership between Omgeo and Maitland comes at a time when South Africa's financial market is planning to migrate to a shortened settlement cycle, from T+5 to T+3. It is expected that this change will dramatically increase the need for post-trade efficiency and automation.
Veit Schuhen, Chief Operating Officer at Maitland, said: "South Africa is the investment gateway to the entire African continent and as we move closer to accelerated settlement cycles, having the proper post-trade automation in place is critical. Local asset managers will benefit from Omgeo's market-leading central matching service to increase operational efficiency, enable exception-only processing and reduce failed trades."
Adding to this, Leigh Walters, Executive Director of Global Sales & EMEA at Omgeo, said: "Through our partnership with Maitland, we are able to provide the South African market with the same levels of post-trade automation enjoyed by other markets around the world. Recent research has shown that central matching and the resulting ability to affirm trades on the same day that they have been executed are a pre-requisite for shortened settlement cycles, as is planned for the South African market."