Home   News   Features   Interviews   Magazine Archive   Symposium   Industry Awards  
Subscribe
Securites Lending Times logo
Leading the Way

Global Securities Finance News and Commentary
≔ Menu
Securites Lending Times logo
Leading the Way

Global Securities Finance News and Commentary
News by section
Subscribe
⨂ Close
  1. Home
  2. Technology news
  3. Legal understanding leads to Omgeo update
Technology news

Legal understanding leads to Omgeo update


12 September 2012 New York
Reporter: Georgina Lavers

Generic business image for news article
Image: Shutterstock
Omgeo has updated its ALERT database, which deals with settlement and account instructions, with new legal entity data capture functionality.

With these enhancements, investment managers and broker-dealers can automatically view 23 new legal entity fields containing the names and identifiers of their counterparties, said a statement from Omgeo.

The functionality was added in response to requests from market participants who wanted to gain a better understanding of which legal entities they were trading with.

Avox, a subsidiary of The Depository Trust & Clearing Corporation (DTCC), will maintain the legal entity data that populates the additional 23 data fields including legal name, trading status, date updated, aliases, BIC, and registered and operating addresses.

Ahead of the proposed implementation of regulatory requirements for a global Legal Entity Identifier (LEI) standard, a field has also been created to capture and populate LEIs in ALERT.

Bill Meenaghan, global product manager for ALERT at Omgeo, said: “While this is an independent initiative, in anticipation of a mandated Legal Entity Identifier (LEI), we have added an LEI data field in accordance with regulatory requirements and in support of the LEI.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
Advertisement
Subscribe today
Knowledge base

Explore our extensive directory to find all the essential contacts you need

Visit our directory →

Discover definitions, explanations and related news articles in our glossary

Visit our glossary →