DTCC completes Omgeo acquisition 03 October 2013New York Reporter: Georgina Lavers
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The Depository Trust & Clearing Corporation (DTCC) has completed its 100 percent acquisition of Omgeo, with the joint hope of fostering increased collaboration among the buy-side, sell-side and custodian communities.
With the addition of Omgeo, DTCC now has offices in 14 countries worldwide.
Michael Bodson, DTCC president and CEO, said that by working together with Omgeo under a single integrated global strategy for post-trade processing, DTCC will leverage the strengths and breadth of both organisations to reduce related costs and risks.
With the closing of this transaction, Omgeo becomes part of DTCC’s portfolio of businesses. Marianne Brown continues to serve as president and CEO for Omgeo, reporting to Michael Bodson.
The Omgeo subsidiary will continue to be overseen by the Omgeo board of managers, which is the governing body comprised of mostly industry representatives.
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