Clearstream and the securities finance automation provider Pirum have extended their services to offer new collateral connectivity. This allows mutual clients to automate the calculation, matching, submission and validation of collateral requirements and allocations for securities lending, repo and OTC derivative transactions. The extended connectivity assists clients with agreeing collateral on a real-time basis, reducing collateralisation timeframes and increasing efficiencies along the value chain, from improving settlement rates and reducing fails and SDR penalties to optimising collateral more efficiently.
Pirum's Head of Collateral Services, Todd Crowther, commented: "We are delighted to extend our connectivity with Clearstream and to work together to help mutual clients achieve improved exposure management and collateral optimisation results. Pirum's aim is to support the industry's need to extend interoperability and automation across the wider collateral ecosystem and support market participants' drive to streamline and centralise margin management across all collateralised products."
Jean-Robert Wilkin, Banking, Funding & Financing at Clearstream, added: "At Clearstream, providing user-friendly, efficient services supported by best-in-class technology is at the heart of our mission. We are very happy to extend our existing connectivity with Pirum, which contributes perfectly to this goal. By automating collateral management services, we increase interoperability and reduce complexity throughout the entire process for our mutual clients and the whole market."
Pirum's CollateralConnect and ExposureConnect services automate in excess of $1.5 trillion of tri-party collateral across more than 50,000 accounts and covering 70+ global clients each day.
As an international central securities depository (ICSD), headquartered in Luxembourg, Clearstream, which is part of Deutsche Börse Group, provides the post-trade infrastructure for the Eurobond market and services for securities from 59 domestic markets worldwide. With 16 trillion Euros in assets under custody, Clearstream is one of the world's largest settlement and custody firms for domestic and international securities.
About Pirum Systems
Pirum offers a secure, centralised automation and connectivity hub for global securities finance, enabling complete automation of the post-trade and collateral lifecycle across repo and stock loan. Our position within the securities financing sector enables clients to seamlessly access counterparties, triparty agents, trading venues, market data companies and CCPs, as well as meet their regulatory reporting requirements. We combine an in-depth understanding of both the securities finance industry and the most advanced technologies to provide highly innovative and flexible services. Supporting established and emerging financial institutions, Pirum's pioneering approach consistently reduces operational risk while increasing processing efficiency and profitability.
Phone: +49 (0)69 2 11-13 016
Deutsche Börse AG published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 08:06:04 UTC.