Itiviti steps into hole at SMBC Nikko left by Bloomberg's retreat from SSEOMS
As Bloomberg has withdrawn its SSEOMS sell side platform from the market, Itiviti has added SMBC Nikko London Capital Markets as a customer to its own middle office solution.
The OMS solution, including UL Middle, UL Books and UL Publisher modules, supports high touch trading, along with requirements across SMBC Nikko London's global operations through its cash equities desk in the UK city, as well as sales trading across Europe and US, and execution services in Asia. The London office can handle order flows electronically from multiple counterparties and route orders to Japan for local execution.
Lee Griggs, head of EMEA North at Itiviti, said: "The areas the Bloomberg platform has been used in addition to high touch trading where Itiviti also offer market leading solutions are middle office services (allocation, enrichment, confirmation, reporting), client connectivity (managed service), market/broker connectivity and low touch trading. Another valuable benefit for clients utilising the Itiviti platform is access to all our solutions not previously available through Bloomberg allowing for system consolidation, helping support reduction of cost and complexity."
"Bloomberg announced that they would be exiting their SSEOMS platform from the market as of April 2019."
"Regarding the amount of migration work the sell-side are experiencing, yes, this is a direct impact of the current market conditions where our clients are faced with dealing with legacy technology, market consolidation, regulatory requirements and technology provider acquisitions which has led to a lack of investment in core systems, or in the case of Bloomberg , a complete exit from the business. At some point the need to migrate becomes critical, either from a need to reduce costs, a need to remain competitive in their key areas or a need to access new opportunities generated in the changing market structures."
"Itiviti's strong differentiator is that we are a mid-sized firm with just under 1,000 staff operating out of 18 offices and we have relationships with 1,600 financial organisations globally. Our strategy has been to invest heavily in our platform and to support the key drivers affecting the market such as system consolidation, out-sourcing, multi-asset class solutions, automation and latency to name a few."
"We have successfully migrated a number of SSEOMS clients, and we're committed on ensuring that we continue to deliver on our promise to migrate clients as quickly and efficiently as possible. It's an honor to work with SMBC Nikko London, and we are very happy to expand our partnership with them globally by providing additional valuable solutions from our technology portfolio."
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