Pirum links up with ColleX
25 January 2017 London
Image: Shutterstock
Pirum Systems has linked its real-time straight-through processing services for the securities finance industry to ColleX, a platform for collateral trading.
The BGC Brokers-owned platform, which launched in Q3 2016, is multi-product and asset-class to promote collateral mobility in all its forms.
The collaboration between the two firms will enable clients to leverage ColleX鈥檚 expertise in electronic trading, combined with Pirum鈥檚 ability to manage the post-trade lifecycle, which includes regulatory reporting.
Rajen Sheth, CEO of Pirum, said: 鈥淲e are excited to be working with ColleX to create this trading marketplace.鈥�
鈥淢arket connectivity and trade lifecycle management is core to Pirum鈥檚 product offering. Our ability to streamline the post-trade process by transacting on ColleX will increase liquidity in this marketplace.鈥�
Philip Norton, executive managing director of ecommerce at BGC Partners, which owns BGC Brokers, said the need to tackle market-wide collateral latency and mobility 鈥渕akes Pirum鈥檚 straight-through processing connectivity and post-trade infrastructure key to the financing universe鈥�.
鈥淟inking ColleX to Pirum鈥檚 suite of products addresses frictional costs, which is a benefit to our clients. Furthermore, we are excited to grow this joint effort across BGC鈥檚 global brands.鈥�
The BGC Brokers-owned platform, which launched in Q3 2016, is multi-product and asset-class to promote collateral mobility in all its forms.
The collaboration between the two firms will enable clients to leverage ColleX鈥檚 expertise in electronic trading, combined with Pirum鈥檚 ability to manage the post-trade lifecycle, which includes regulatory reporting.
Rajen Sheth, CEO of Pirum, said: 鈥淲e are excited to be working with ColleX to create this trading marketplace.鈥�
鈥淢arket connectivity and trade lifecycle management is core to Pirum鈥檚 product offering. Our ability to streamline the post-trade process by transacting on ColleX will increase liquidity in this marketplace.鈥�
Philip Norton, executive managing director of ecommerce at BGC Partners, which owns BGC Brokers, said the need to tackle market-wide collateral latency and mobility 鈥渕akes Pirum鈥檚 straight-through processing connectivity and post-trade infrastructure key to the financing universe鈥�.
鈥淟inking ColleX to Pirum鈥檚 suite of products addresses frictional costs, which is a benefit to our clients. Furthermore, we are excited to grow this joint effort across BGC鈥檚 global brands.鈥�
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