Pirum, a technology provider specializing in securities finance automation and collateral management, announced today (Tuesday) that Interactive Brokers has implemented its CoacsConnect solution. Interactive Brokers, an automated global electronic broker, aims to automate corporate actions for its global client base through this adoption.

Pirum Automates $3.8 Billion Daily Actions

"Thanks to forward-looking firms like Interactive Brokers, which insist on offering best-in-class services to their customers, this past practice is fast becoming outdated," Jacob Koopmans, Chief Revenue Officer at Pirum, said.

CoacsConnect is a centralized tool for managing corporate actions. It includes features for income claims and voluntary corporate actions and is tailored to individual client requirements. On average, the platform processes corporate actions worth $3.8 billion daily.

Interactive Brokers selected CoacsConnect to improve efficiency and manage risks in handling corporate actions. The decision was influenced by Pirum's established reputation for automation services and connectivity across the securities finance sector.

Interactive Brokers Adopts CoacsConnect for Automation

The adoption of CoacsConnect is expected to simplify operations for Interactive Brokers. Benefits include streamlined receivables, reduced email volume, faster response times, and automated payments . Additional features such as audit trails, alerts, and updates aim to enhance risk management and ensure timely action on critical events.

"We look forward to collaborating closely with the Interactive Brokers team, to support its roll out of automated and digitalized corporate actions, and to continue developing CoacsConnect, for the benefit of all our clients," Koopmans added.

Interactive Brokers Reports Q4 2024 Earnings

Meanwhile, Interactive Brokers reported Q4 2024 revenue of $1.39 billion, a 21.7% increase from the previous year. Pre-tax income grew by 27.4% to $1.04 billion, and diluted earnings per share rose to $1.99.

Commission-based revenue increased, driven by higher trading volumes. Net interest income rose, and other fees saw a boost. The company also saw strong customer growth, with accounts rising and customer equity increasing. Daily trading activity grew, and margin loans surged.

The US-headquartered broker is also considering expansion and reportedly bid to acquire Saxo Bank. It has also opened a new office in Dubai, which is now attracting many Western financial services giants.