Pirum deepens ties with Euroclear

Pirum deepens ties with Euroclear

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Post-trade giant Euroclear has connected its tri-party platform to Pirum’s required collateral value (RQV) service.

The tool, launched in 2012, automatically calculates and submits the value of collateral a borrower of securities owes to an agent lender.

Daily RQVs for securities lending portfolios are calculated by Pirum using a client’s own prices, positions and rules

Tri-party agents JP Morgan and BNY Mellon are already using the service.

Euroclear’s Collateral Highway, which sources collateral across borders and time zones, first partnered with Pirum earlier this year.

“This roll out of new functionality is a continuous process for our clients to drive operational efficiencies,” said Olivier Grimonpont, global head of collateral management and securities lending at Euroclear.

“As securities lending becomes increasingly granular and time sensitive, we are continuously seeking ways to improve our client’s collateral management experience.”

Pirum chief executive Rajen Sheth said the addition of Euroclear RQV functionality to the existing collateral management platform showed a “continued commitment to building solutions that provide cost reduction and improved operational risk”.

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