Pirum, the trusted technology partner for securities finance automation and collateral management, today announced that Citi has printed their first trades on Pirum TradeConnect. The unique pre trade solution is now in daily use by Citi and other global financial institutions, with further Design Partner Group (DPG) clients in the final stages of implementation.
Pirum TradeConnect's development was directly influenced by contributions from Citi and other DPG clients. The objective of the DPG was to develop a new and future-proofed operating model for pre trade that would increase choice, transparency, and resilience for industry participants.
Pirum TradeConnect enables industry participants to connect on a real-time basis, either bilaterally or via venues, via a single connection. In addition to setting the foundation for a more standardized model for securities lending pre trade, the DPG also set out to create a complete lifecycle technology stack that would enable up to 99.9% straight through processing, from pre trade through post trade and collateral management, all the way to regulatory reporting.
The first adopters of Pirum TradeConnect have unlocked these benefits and, as more clients go live, the network effect will continue to compound with every new participant that joins.
Philip Winter, Head of Securities Lending EMEA at Citi, said "We are delighted to be the first trading desk to borrow securities through Pirum TradeConnect, a significant milestone that underscores Citi's commitment to pioneering innovation. This new product enhances our real-time counterparty connectivity and supports the continued growth of our Prime business globally."
Ben Challice, CEO at Pirum, said: “I would like to thank Citi in particular and our other DPG clients, who set out with us on this journey to a more open and future-proofed model for securities lending pre trade. The teams at Citi and our other DPG firms have been instrumental in achieving this milestone for the industry, from validating and bringing ideas, to stress testing concepts and prototypes, and now printing the first trades. As the next wave of clients gear up for their first trades, we invite other forward-thinking firms to join us in redefining the securities lending trade. To establish with us a more level securities lending playing field, with greater choice and security, for each and every industry participant.”
