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THE STORY OF THE DEPOSITORY TRUST & CLEARING CORPORATION
head of Enterprise Data Management. “We acquired it, and then built an LEI utility on top of it, meeting all the FSB principles and the CFTC regulations. Avox had most of what we needed. We had to develop a front-end registration portal and payment processor and integrate that to the Avox system quickly to meet the requirements of the CFTC’s RFP and a global industry RFP. We saw the emerging need for the LEI first, we acquired the expertise to fill our gaps and we got to market very early.” DTCC would later rebrand the LEI service as the Global Markets Entity Identifier Utility.
Expanding Its Global Footprint
In 2013, another acquisition expanded DTCC’s global footprint by purchasing Thomson’s stake in Omgeo. DTCC and Thomson had owned Omgeo as a 50-50 joint venture since 2001. “Full ownership would allow market participants to play a larger role in shaping decisions related to Omgeo’s technology platforms and processes,” said Andrew Gray, then DTCC’s managing director, Core Business Management, and board chair for Omgeo. Ultimately, though, it was the relationship DTCC would have with a new logically adjacent market that would close the deal, as Cornelia “Nellie” Dagdag, managing director, head of APAC marketing, who moved to DTCC from Thomson after the Omgeo acquisition, described:
Above: Cornelia “Nellie” Dagdag, managing director, regional manager and head of APAC marketing, moved to DTCC after the firm acquired Thomson’s stake in Omgeo. Right: Omgeo (DTCC Institutional Trade Processing) provides institutional post-trade processing that includes trade enrichment, allocation, matching, confirmation and affirmation and generates settlement instructions. These are critical components of the settlement process at DTC and of the market infrastructure globally.
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