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CHAPTER EIGHT | A HIGHER PROFILE
The Omgeo acquisition allowed us to drive a single, global value proposition for post-trade processing and settlement while facilitating increased collaboration among the buy-side, sell-side and custodian communities. With the addition of Omgeo, we significantly grew our global footprint to include offices in 15 countries and expanded our subject matter expertise to cover virtually all market segments. The Omgeo acquisition fit well with DTCC’s expansion plans and enabled the firm to provide a wider array of services to clients. DTCC noted in its 2013 Annual Report: “We view the Omgeo acquisition as a game changer that will allow us to drive a single, global strategy for post-trade processing and settlement, while facilitating increased collaboration among the buy-side, sell-side and custodian communities.” Tim Keady, managing director, chief client officer, who worked for Omgeo prior to the acquisition, said of the integration: The combination of our services fit nicely into the core asset servicing business of DTCC. Our business is also global in nature. It made a lot of sense for DTCC to acquire Omgeo. DTCC shareholders have representations in those markets as well, so it was a strong, strategic fit. Omgeo would later be rebranded as DTCC Institutional Trade Processing. With its growing complement of adjacent services, DTCC could continue to drive costs down for clients as it grew. “The further you get away from the trading end of the business, scale is important because what happens afterward is essentially administration and you want that to be done as inexpensively, as efficiently and as risk-free as possible,” said Andrew Douglas, former managing director of Government Relations, EMEA and Asia.
Tim Keady, managing director, chief client officer, saw the buyout of Omgeo from Thomson as a sensible and logically adjacent move that would facilitate the firm’s global expansion plans. (Photo courtesy of Christopher Elston Photography.)
Meeting Client Demand
In an expanding global market, DTCC remained keenly focused on identifying new ways to provide data to help its clients become more efficient and enhance decision-making. In 2015, DTCC launched a new suite of data products in response to growing client requests for more centralized, on-demand DTCC data provisioning. DTCC clients shared that they were having challenges around risk management, regulatory reporting, capital adequacy, liquidity and market transparency, so DTCC responded with new solutions that leverage data, technology and analytical tools.
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