Conducting much of his business pitch-side this week, the CEO and president of Omgeo, Adam Bryan, is optimistic about the local acceptance of the company's new Central Trade Manager (CTM).
"The early adopters of our global straight through processing system are quickly realizing that it lowers the cost of transactions, increases efficiency and reduces risk," says Bryan. "This is a message that we want our clients in Asia to hear."
Nearly a year after the launch of the global joint venture between Thomson ESG and DTCC, Omgeo is busy building its brand name in the region. Its latest awareness campaign is in the form of 15 professional and semi-professional rugby union players called the Omgeo Legends who are competing in this week's Hong Kong Tens tournament.
During his visit to the region Bryan will be talking to executives at the various local stock exchanges about adopting Omgeo solutions for their local settlement needs. To date, the company's systems have catered mostly to cross-border transactions. "We already handle local settlement in Australia and we believe there's an opportunity to do this in Singapore and Japan," he comments. "I'm meeting with officials in these markets to discuss taking our current service and adding local functionality."
He says reception to the company's OASYS Global and the new CTM product is improving as local markets work towards achieving T+1 settlement by 2005. "There's a lot of talk about improving systems because of the concern that the US will move to T+1 and leave the rest of the world behind," he adds.
Omgeo's Asian operations were strengthened last year with the opening of two new offices in Mumbai and Seoul to add to its presence in Tokyo, Sydney, Singapore and Hong Kong.