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DTCC completes Omgeo buyout
02 October 2013
The US group has bought the remaining 50% stake from Thomson Reuters
The DTCC has finished its full acquisition of Omgeo after first announcing the decision in July.
DTCC had owned 50% of Omgeo and decided to buy the remaining 50% from Thomson Reuters.
The acquisition will enable DTCC to expand its global footprint and reduce risks and costs in post-trade processing, said the US group. DTCC now has offices in 14 countries following the addition of Omgeo.
“Working together with Omgeo under a single integrated global strategy for post-trade processing, DTCC will leverage the strengths and breadth of both organizations to create valuable services for our mutual clients and reduce related costs and risks,” said Michael Bodson, DTCC president and CEO.
“The integration of Omgeo’s international buy-side clients with DTCC’s community of clients will create new opportunities for growth. DTCC and Omgeo are strongly committed to protecting our clients and the financial markets by providing market-leading solutions that create efficiencies, increase transparency and reduce risk in post-trade operations.”
Marianne Brown will continue as president and CEO for Omgeo, reporting to Bodson.
Brown said: “We look forward to innovating together around post-trade processing and clearance and settlement services to provide significant value to our global community of investment managers, broker-dealers, custodian banks and other market participants.”
Thomson Reuters will still act as a key service provider to and partner with Omgeo.