The Depository Trust & Clearing Corporation (DTCC) recently announced its Omgeo Central Trade Manager (CTM) now enables Wholly-Foreign-Owned Enterprises (WFOE) in providing Private Fund Manager (PFM) services in China. Omgeo CTM is DTCC’s strategic platform for the central matching of cross-border transactions and a part of DTCC’s Institutional Trade Processing Product Suite.
In 2016, the Asset Management Association of China passed new rules which now allow WFOEs to register as PFMs. That allows foreign institutional investors to provide local PFM services via an established, 100 per cent-owned Chinese entity.
“Omgeo CTM provides seamless connectivity from trade execution to settlement, including direct connectivity via FIX from front-to-middle office trade processing as well as via the SWIFT network to a full community of custodian banks for the purposes of settlement notification,” DTCC said in a release. “And, when used in conjunction with Omgeo ALERT, the industry’s standing settlement instruction utility (SSI Utility), users can automatically enrich trades with SSIs, ensuring account information is accurate.”