DTCC Buys Rest of Omgeo to Expand in Post-Trade Services

Depository Trust & Clearing Corp., operator of a global registry for credit-default swaps and processor of U.S. stock trades, bought Omgeo to expand as regulators demand more transparency and push more contracts through clearinghouses.

DTCC and Thomson Reuters Corp. (TRI), which competes with Bloomberg News parent Bloomberg LP in financial news and data, had previously been equal partners in the venture. Financial terms of New York-based DTCC’s purchase of full ownership weren’t disclosed in a statement today. Omgeo provides post-trade processing services.

The deal “enables DTCC and Omgeo to facilitate a unified strategy around key industry initiatives including the move to trade date affirmation of institutional trades, settlement matching in DTCC’s subsidiary, Depository Trust Co., and the adoption of shorter settlement cycles in various markets,” Omgeo President and Chief Executive Officer Marianne Brown said in the statement.

To contact the reporter on this story: Nandini Sukumar in London at nsukumar@bloomberg.net

To contact the editor responsible for this story: Nick Baker at nbaker7@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.