Japanese banks adopt DTCC’s Omgeo Alert 29 August 2017Tokyo Reporter: Jenna Lomax
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Japan Trustee Services Bank (JTSB) and the Master Trust Bank of Japan (MTBJ) are now live on DTCC’s Omgeo Alert.
The ALERT Trustee Service connects to GC Direct and will be used by JTSB and MTBJ to store standing settlement instruction (SSI) data related to fund assets for post-trade checks.
They connected to Alert via their global custodian, Brown Brothers Harriman (BBH), which has been an Alert GC Direct user since 2015.
According to Omgeo, Alert is the industry’s single and centralised ‘SSI Utility’, helping to reduce risk and operational costs associated with trade failures. In Asia, more than 500 firms currently use the system.
Robert Stewart, senior vice president at BBH, said: “BBH is thrilled to continue our collaboration with DTCC and offer the new ALERT for Trustee Service to clients.”
“This product enhancement enables us to onboard trustee-owned funds which were previously out-of-scope, streamlining client onboarding and SSI data management. It is well-aligned with our commitment to providing our global clients industry-leading solutions to increase controls, mitigate risk and provide a superior client experience.”
Matthew Nelson, managing director of Omgeo global product and strategy at DTCC, commented: “By automating SSI data sharing for cross-border equity and fixed income trades, users are able to effectively leverage accurate, standardised SSI information across counterparties.”
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