BGC Brokers has announced plans to bring a new post-trade tool to the market, launched in partnership with Pirum Systems.
The partnership will integrate Pirum Systems’ post-trade lifecycle management tools and regulatory reporting onto the ColleX platform.
ColleX is a multi-asset collateral trading platform - initially launched in 2016 - with centralised liquidity, designed to improve mobility and execution for its users.
Phillip Norton, managing director of e-commerce at BGC Partners, explained the need to tackle market-wide collateral latency and mobility, making Pirum’s straight-through-processing and post-trade tools key to the industry.
“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,” he said.
Chief executive officer at Pirum Systems, Rajen Sheth, added the firm’s ability to streamline the post-trade process through ColleX will increase liquidity in the market place.
“Market connectivity and trade life-cycle management is core to Pirum's product offering,” he said.