Korean Investment Managers Processing Cross-Border Transactions with Omgeo
The service bureau between the Korean Securities Depository (KSD), the central securities depository for South Korea, and Omgeo Central Trade Manager (CTM) has gone live, and Korea Investment Trust Company (KITC) and ShinHan BNP Paribas Asset are now processing trades through the service bureau. The partnership between Omgeo and KSD allows the Korean investment community to achieve greater levels of operational efficiency and automation in trade processing.
Through the service bureau, KSD enables Korean investment managers to electronically confirm the accuracy of trade details with their counterparties worldwide and automatically enrich them with standing settlement instructions (SSIs). Omgeo CTM is a single platform for the central matching of fixed income and equity trade details. Omgeo Alert is a web-based global database for the maintenance and communication of standing settlement and account instructions.
Additionally, Korean investment managers are able to receive a copy for information of matched trade details from any interested third party. The KSD and domestic Korean investment managers have access to Omgeo’s global network of trade counterparties.
JaiYoung Park, head of operations, KITC, said: “It is absolutely critical for us to ensure we have automated processes in place as we look to maintain the utmost operational infrastructure. By leveraging the service bureau between Omgeo and KSD, we are certain that we are not only seeing best-in-class trade affirmation rates, but also that we are at the forefront of risk mitigation and operational efficiency.”