Pirum TradeConnect offers a standardized, open and resilient trade connectivity solution, enabling clients to connect directly and in any format to any securities finance industry participant, bilaterally or via a venue. The service marks a new chapter for Pirum, as the company extends its best-in-class technology offering across the entire Equities and Fixed Income trade life cycle, in response to significant client demand.
London, UK, 17 September, 2024 – Pirum, the trusted automation and connectivity partner for securities finance and collateral management, today announced ‘Pirum TradeConnect’, a global, standardized, open, and resilient pre-trade connectivity solution for Equities and Fixed Income – fully integrated with Pirum’s established post-trade services.
Pirum TradeConnect provides the unique ability to connect with any counterpart bilaterally, as well as directly with multiple venues, in any format, in real time. The open and fully interoperable solution leverages Pirum’s proprietary standardization technology and global network.
Pirum TradeConnect gives clients:
- Improved control and choice, by allowing trading desks to access alternative liquidity and enabling them to decide who to connect with, how they communicate and when they interact
- Improved resilience and risk mitigation, building on the latest technology, delivering new means of connecting to counterparties and venues in support of business continuity planning (BCP)
- Increased operational efficiency, by enabling a true ‘Get it right, pre-trade’ operational model, as well as reduced communication latency
- Improved regulatory, ALD and capital reporting, through automated, accurate and resilient connectivity extending existing rich post-trade data and workflows
- Reduced costs, as a result of fewer fails, penalties and overdraft costs
- Improved MIS, by analyzing one data set across the entire securities lending life cycle, enabling trading desks to optimize trade routes based on the true costs of trades, including visibility on RFQs success rates , revenue, settlement efficiency, reject reasons and more
Once live, the service extends Pirum’s offering, which already covers post-trade and collateral management, across the entire securities finance trade life cycle. Pirum’s service suite now brings together all life cycle requirements for clients: front- & back-office, pre- & post-trade and collateral management.
Rob Frost, Chief Product Officer at Pirum, spearheading the development of Pirum TradeConnect, said: “We are incredibly excited to introduce this new solution for securities finance trade connectivity. Pirum TradeConnect represents a qualitative leap, with clients gaining more control, more transparency and more security than with other existing solutions. Pirum TradeConnect also makes the industry more diversified and resilient, as it provides a trusted alternative to the current market infrastructure. Modernizing reporting and standardizing communication between counterparts will also improve transparency in the Equities and Fixed Income space, as well as increase liquidity through improved choice, availability, and management information for industry participants, globally.”
Phil Morgan, CEO at Pirum, said: “We are proud to bring to market this transformative solution, which synthesises pre-trade with existing post-trade and collateral management services, and is the next step on the journey of automation – marking a new era of choice, resilience and transparency for securities finance. Pirum TradeConnect democratizes the industry by giving participants the power to decide who they trade with, where, when and how. We are thankful to all the clients and industry experts who have been contributing to the development of Pirum TradeConnect.”
