Pirum has confirmed that it is to provide BGC Brokers’ multi-product and multi-asset-class collateral trading platform ColleX with a suite of services to manage post-trade connectivity.

ColleX was launched to market in Q3 2016 as part the widening portfolio of electronic services developed by BGC's FENICS business. It was designed to centralise liquidity to speed execution.

The collaboration between the two firms will enable clients of the ColleX platform with Pirum’s management of the post-trade lifecycle, which includes regulatory reporting.

Philip Norton, executive managing director, e-Commerce, BGC Partners said: "The need to tackle market-wide collateral latency and mobility makes Pirum's STP connectivity and post-trade infrastructure key to the financing universe. 

"Linking ColleX to Pirum's suite of products addresses frictional costs, which is a benefit to our clients. Furthermore, we are excited to grow this joint effort across BGC's global brands."  

Rajen Sheth, chief executive officer, Pirum Systems said: " Market connectivity and trade life-cycle management is core to Pirum's product offering. Our ability to streamline the post-trade process by transacting on ColleX will increase liquidity in this marketplace."

Pirum has made a string of senior management hires in recent months. Mark Faulkner, the founder of Data Explorers, joined as a non-executive director on 18 January and COO Ben Challice and global head of business development Phil Morgan, both formally of Nomura, joined last year.

Pirum Systems is a provider of STP services to the securities finance industry, connecting counterparties, platforms and other entities.