Wematch and Pirum have partnered to develop a solution to assist clients in avoiding CSDR fails. With this new partnership, Wematch clients that are using Pirum’s new Trade Risk Manager service can elect to cover failing trades via automated connectivity to the Wematch platform.  Wematch has developed a dedicated section for CSDR allowing same-day settlement and will offer increased connectivity and communication with the market in a centralized platform allowing institutions to address potential fines and penalties.

Pirum and Wematch established connectivity in June 2020 and have been working with mutual clients to provide interoperability and improve the automation across the trading and post trade lifecycle.

David Raccat, co-founder at Wematch, said: “This new connectivity protocol with Pirum cements our partnership towards an even more streamlined solution for our mutual clients. We are convinced this new solution will bring significant contribution to a more efficient and innovative Securities Financing market. The CSDR regulation has enforced enhancement for post-trade services. At Wematch we are committed to innovation and we have come up with a best-in-class front-office solution to address this new regulation in partnership with Pirum, the market-leading post-trade vendor.”

Robert Frost, Head of Product at Pirum said: “As we have always done at Pirum, we have been working closely with our clients to identify challenges and improve existing processes. CSDR has presented some new challenges and magnified the impact of some existing sub-optimal processes that we have been asked to explore solutions for. We have enjoyed a productive relationship with Wematch and working together on CSDR was a natural fit given the users on the trading desks will be using both Pirum and Wematch.  It has been a pleasure working with the innovative team at Wematch and we look forward to extending our connectivity.”

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 market enables clients to seamlessly access counterparts, tri-party 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 innovative technology 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.

Pirum’s innovative designs and customer focus have resulted in widespread industry recognition and multiple awards. Pirum was most recently named Global Post-Trade Service Provider of the Year at the International Securities Finance 2019 Awards and Collateral Connect secured Best Software Solution.

www.pirum.com

Karl Wyborn
CCO
[email protected]