Institutional Brokers
Institutional brokers can benefit from significant cost efficiencies by outsourcing some or all of their back office operations to OMX Securities. OMX is a market-proven platform with vast experience of operating and managing mission-critical business processes for institutional brokers.
OMX Securities’ solutions are powered by the FIGARO platform, an integrated, functionally rich, real-time platform to support the needs of front, middle and back office operations. Client details can be incepted via multiple channels, automatically executed in multiple markets and contracted in real-time, with the minimum of human intervention.
OMX Securities’ outsourced services offer high levels of STP for international trading, settlement and custody. Leveraging FIGARO provides a single, fully integrated platform with functionality that includes: order capture and routing workflow with direct execution against multiple UK RSPs and a two-way interface to SETS.
Front Office integration
OMX Securities has a proven track record of integrating to industry standard front office systems. This ensures true STP as trades are only booked once and no re-keying is required.
Stock Borrowing
- Supports booking, accounting and monitoring of borrowed positions
- Automatic generation of stock loan messages to CREST
Asset Servicing
- Automated processing of corporate actions, dividends and market claims
- Notification of optional events requiring client response
- IPOs and placings
Clearing and settlement – three service options available:
• ASP
- Fully managed and hosted IT service
- Users remotely access a segregated and dedicated implementation of FIGARO
- A pre-configured version of FIGARO is supplied, tailored to the client’s operational
requirements
- Client firm assumes responsibility for execution and settlement
- Client has full access to middle and back office functionality, and web portal
• Client firm outsources back office duties to OMX
- Client firm holds and controls cash and stock in its name
- Customers remain those of the client firm
- Client is a sponsored nominee through OMX Securities and retains ownership and ultimate responsibility for execution and settlement
- OMX maintains the physical connection to CREST, facilitating and monitoring the clearing and settlement process
- Can also support the settlement of international trades via the custodian(s) appointed by the user
• Client firm outsources full operational responsibility to OMX
- OMX Securities provides legal liability, responsibility for settlement and stock transfer
- OMX holds ownership of, and manages, the CREST relationship and interface
- OMX holds and controls cash and stocks
- OMX name and balance sheet supports trading activity, therefore customers of the client firm are also customers of OMX
- OMX is responsible for updating the client’s custodian accounts in CREST
- Clients can monitor settlement activity and status at all times and have access to full trading information
