Omgeo has partnered with TriOptima and AcadiaSoft to extend straight-through processing (STP) for users of Omgeo ProtoColl, its automated collateral and margin management solution.
In response to global regulations that require firms to reconcile OTC positions on a regular basis, including Dodd-Frank and the European Market Infrastructure Regulation (EMIR), ProtoColl will directly interface with TriOptima’s triResolve, a portfolio reconciliation solution that features over 600 institutions on the service.
By linking ProtoColl to triResolve, users can manage their entire collateral management process in ProtoColl, and then automatically reconcile their over-the-counter (OTC) positions.
As part of the daily counterparty reconciliation, the interface will ensure TriOptima has the most up-to-date OTC position information about ProtoColl clients and their counterparties, along with the associated contractual information. Designed to streamline the reconciliation and collateral management processes, the interface reduces the amount of time necessary for dispute management and lowers risk exposure.
“Reconciliation is a critical component in reducing margin call disputes, and increases the accuracy and automation of the daily collateral activity,” says Rick Enfield, executive director of ProtoColl Product Management at Omgeo. “ProtoColl users now have direct access to data pertaining to position variances with their counterparties in advance of the collateral process.”
“Greater integration between collateral and reconciliation processes leads to faster and more efficient resolution of discrepancies. By linking TriOptima to ProtoColl, users benefit from lower risk of error and operating costs as well as improved credit risk mitigation,” says Raf Pritchard, chief executive of triResolve.
Omgeo is also introducing an interface with AcadiaSoft MarginSphere, a margin confirmation service. By linking to MarginSphere, ProtoColl clients can electronically communicate margin information between counterparties, and agree on margin call amounts – all from one service.
“We are pleased to be partnering with Omgeo to bring increased STP to the collateral management process. With MarginSphere, ProtoColl users can seamlessly confirm their margin details, accelerating the process and reducing risk,” says Chris Walsh, chief operating officer at AcadiaSoft.
The TriOptima and AcadiaSoft interfaces to Omgeo ProtoColl are scheduled to go live in Q1 2014.