Omgeo, FIX automate allocations

Deal Time means real time as automating the front and back offices meet.

Omgeo has embraced the FIX protocol for its central trade matching CTM service, allowing fund managers and brokers to extend straight-through processing through trade allocations.

James Drumm, Omgeo's managing director for Asia in Singapore, says while the firm has always been in the business of electronic trade confirmations, it wasn't until last year's introduction of CTM that the firm realized it had to extend its reach to allocations.

FIX is a message protocol for the front office to indicate interest in a trade simply a standardized way to send messages. FIX has also been moving down the chain of implementing trades from its perch in the front office. Allocations is where...

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