Global brokerage firm BGC Brokers, a subsidiary of BGC Partners, today announced a partnership with Pirum Systems, a provider of connectivity and real-time straight-through processing (STP) to the securities finance industry, to launch BGC’s latest offering ColleX and improve post-trade efficiency for clients.
BGC provides a range of services, including trade execution, broker-dealer services, clearing, trade compression and post trade, information to a broad range of financial institutions. Its customers include many of the world’s largest banks, broker-dealers, investment banks, trading firms and hedge funds.
ColleX provides clients with a multi-product and multi-asset-class platform for collateral trading. Its centralised liquidity increases the depth and breadth of interests, thereby promoting fast execution.
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Philip Norton, Executive Managing Director, e-Commerce, BGC Partners, commented: “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.”
Pirum Systems is the market leader in real-time STP services to the securities finance industry, providing unparalleled connectivity with counterparties, collateral venues, trading platforms and central counterparties.
“We are excited to be working with ColleX to create this trading marketplace. 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,” added Rajen Sheth, Chief Executive Officer, Pirum Systems.
The collaboration between the two firms will enable clients to leverage ColleX’s expertise in electronic trading, combined with Pirum’s ability to manage the post-trade lifecycle, which includes regulatory reporting.