Omgeo, DTCC Link OTC Derivative Data

Omgeo has released an automated data feed between its Omgeo CrossCheck and the Depository Trust & Clearing Corporation’s Trade Information Warehouse, a service from DTCC’s Deriv/Serv Unit.

The information link aims to reduce operational risk in the over-the-counter credit derivatives market. It allows users to compare their portfolios with contract records maintained by the Warehouse.

Omgeo clients that are also DTCC Deriv/Serv and Trade Information Warehouse customers will receive an automatic feed of relevant credit derivative trade data from the Warehouse to CrossCheck.

In a statement, Steve Matthews, managing director of product at Omgeo said, “Since the debut of Omgeo's counterparty risk management offerings, and specifically our portfolio reconciliation service Omgeo CrossCheck, we've been dedicated to ensuring that the data involved is of the utmost quality. By linking CrossCheck to the global standard for centralized and secure data for OTC derivatives at DTCC's Trade Information Warehouse, our clients can be assured that their risks are further mitigated throughout the length of their derivatives contracts."

Added Peter Axilrod, DTCC managing director, business development and Deriv/SERV, “Omgeo and DTCC have a long-standing mutual goal of mitigating operational risk within the financial community. By linking its CrossCheck offering to the Trade Information Warehouse and its contract data, Omgeo is strengthening its counterparty risk management services for market participants."