Legal understanding leads to Omgeo update 10 September 2012New York Reporter: Georgina Lavers
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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.”
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