The Depository Trust & Clearing Corporation, the US-based facilities and data centre group, has entered into a binding agreement to acquire all of Omgeo, the trading technology firm, combining Thomson Reuters’ 50 per cent stake in the company with DTCC’s existing 50 per cent ownership.

DTCC said the purchase will enable more collaboration among investment managers, broker-dealers and custodian banks, to reduce industry risk and costs.

When the transaction is closed, Omgeo will become a fully-owned subsidiary of DTCC. Marianne Brown will continue to serve as president and chief executive for Omgeo, a statement from DTCC said. 

“This transaction is aligned with our strategy to build and grow our core businesses globally as Omgeo’s international community and multi-asset class capabilities will open the door to new opportunities for DTCC as we look to expand more broadly in the global post-trade processing sector,” Andrew Gray, DTCC managing director, core business management and chairman of the board of managers for Omgeo,” said. 

The terms of the deal were not disclosed.  The closing of this transaction will occur following mandatory regulatory filings in countries where required.

DTCC’s depository provides custody and asset servicing for securities issues from 131 countries and territories valued at $37.2 trillion. Formed in 2001, Omgeo automates trade lifecycle events between investment managers, broker/dealers and custodian banks, serving 6,500 clients and 80 technology partners in 52 countries.