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Fund managers and brokers can use the new interface to streamline fixed-income related trades, bypassing some of the steps that are traditionally performed manually.
AustraliaÆs Macquarie bank is the first to implement and go live with the new platform, which is expected to help to eliminate manual errors and reduce post-trade operational risks, the duo says.
The tie-up also coincides with a flight to quality by investors and heightened focus on fixed-income markets.
ôAustralia is quite behind the rest of the world in terms of fixed-income automation. However, for the equity markets it has advanced systems in place,ö says Julie Fe'aunati, director of relationship management, Asia-Pacific for Omgeo.
ôThis is where we saw an opportunity for a joint venture with Yieldbroker. By linking our services we are able to eliminate manual procedures in our clientsÆ trade lifecycles and significantly improve their STP rates for fixed-income processing. The partnership also helps to reduce costs for existing and new clients, so it lowers the barriers of entry to be able to automate fixed income," she adds.
The new system will help reduce the potential for errors and trade failures as trade information is not re-entered between trade execution and trade processing. In turn, investment managers using Omgeo Central Trade ManagerSM (Omgeo CTM), the firmÆs central matching platform, are able to access a wider community of trade counterparties.
ôAs electronic trading becomes increasingly prevalent in the Australian market, STP is becoming more practical and we strongly support the solutions for debt markets developed by Yieldbroker and Omgeo,ö adds Paul Bide, head of debt markets at Macquarie bank.
Yieldbroker DEBTS is a desktop application that institutional investors can use to view live indicative prices and simultaneously request competitive two-way markets from 10 key price-makers in over 700 Australian and New Zealand debt securities.
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