Pirum has facilitated its first trading transactions on its pre-trade connectivity solution, Pirum TradeConnect, with firms such as Citi printing their first trades, The TRADE can reveal.
Zoë Balkwell
The solution allows industry participants to make use of a single connection to connect with counterparties on a real-time basis, either bilaterally or through venues, as well as enabling up to 99.9% straight through processing, spanning pre-trade, post-trade, collateral management and regulatory reporting.
Currently, Pirum TradeConnect is being used on a daily basis by Citi and other global financial institutions, with further Design Partner Group (DPG) clients set to join in the final implementation stages.
Speaking to The TRADE, Zoë Balkwell, head of pre-trade and trading at Pirum, said: “The way the solution, built collaboratively with Citi and our other Design Partner Group firms – by the industry, for the industry, so to speak – gives industry participants the ability to connect with any counterpart, in any format, is exactly what the industry has been asking for.
“The fact that trades are now being printed by several of the industry’s biggest firms only validates that the solution offers an extremely valuable route to the market.”
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Specifically, the solution aims to provide the industry with a pre-trade operating model, to unlock greater choice, transparency and resilience for participants.
Citi and other DPG clients also contributed to the development of Pirum TradeConnect.
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.”