The partnership links client settlement instructions used in trade allocations with client documentation used in account opening by joining the benefits of two industry services: Markit Document Exchange (MDE), a central online platform for counterparties to exchange documentation securely and efficiently, and Omgeo ALERTSM, a web-based global database for the maintenance and communication of standing settlement and account instructions (SSI).
All trading relationships begin with an onboarding process that includes the exchange of documents required for compliance.
According to Markit, by linking the documents on MDE to the accounts on Omgeo ALERT, the sell side can identify the counterparty, access its associated documents and efficiently open an account.
This is particularly relevant when a trade is allocated to an account that is undocumented (or not fully opened) by the sell side.
Markit’s expertise in streamlining the exchange of vital documents between buy- and sell-side participants, combined with Omgeo’s success in building a global community of users of a centralized solution, expected to position the firms to set a new standard in account opening and trade settlement.
