This deal brings together the proven operational and technical capabilities of JHC Securities with OM's deep expertise in financia l markets processing, highly focused customer service resources and strong brand recognition. The new JHC Securities-OM service capability offers an attractive alternative for securities firms looking to increase profitability by improving their operationa l efficiency. This goal can be achieved through a combination of JHC Securities' flexible range of outsourcing services and the true straight through processing (STP) delivered by its systems. Globally, more than 50 of the world's top securities market participants rely on OM for outsourced solutions, though the company is probably best known in the UK for EDX London, its joint venture with the London Stock Exchange.
"JHC Securities is a perfect strategic fit for OM, and this deal represents a significant step in growing our transaction processing and outsourcing business in the UK market," said Curt Brill, Global Head of Markets, Banks & Brokers, OM. "JHC Securities has the technical, functional and operational capabilities in its UK-based data centers to meet our stringent requirements in a business partner. In addition, OM intends to combine our UK assets with other OM securities processing units to offer local outsourcing alternatives in overseas markets."
"We have created a new opportunity for firms seeking a viable alternative provider in the Back Office for Hire and clearing services arena," said JHC Securities CEO, Angus Macdonald. "Our existing services, which are based on the FIGARO system supplied by JHC Plc, deliver proven capacity and functionality to the broking and wealth management communities. They are now backed by OM's world-class expertise in outsourced operations and their global presence in financial marketplaces. A greater range of firms will now have access to FIGARO and our services."
The newly combined entity expects to be highly competitive in technology, service quality, cost efficiency, speed to market and customer relationship management.
Kenneth Levy, Chief Executive of Cheviot Capital, a customer of JHC Securities, comments on the service, "There is no question that for us FIGARO is an outstanding back office system. Through JHC Securities we have been able to take advantage of FIGARO on an outsourced basis, whereas previously it was only viable for the largest firms. We are very pleased with the service and the quality of support provided. We gave JHC Securities three weeks to get the system live and they met that target."
