Pirum automates RQV processing 04 May 2012London Reporter: Georgina Lavers
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Pirum will start phase 1 of its new Triparty Required Value processing service (RQV). This new functionality offers a single solution covering the calculation, agreement, and processing of daily RQVs for all Triparty Agents and across all counterparties, regardless of whether they use Pirum.
Daily RQVs for securities lending portfolios will be calculated by Pirum using clients’ own data and rounding rules. The new service seeks to improve intraday visibility of proposed RQVs, and provides a single unified process for operations teams to use when agreeing and communicating RQVs to individual Triparty Agents.
Rupert Perry, chief executive of Pirum, said: “The new service automates an operational process which today requires significant manual work whilst simultaneously improving control in ensuring exposures are correctly collateralised”.
Additional releases are planned over the coming months which will further extend automation of RQV processing via direct interfaces with both BNY Mellon and J.P. Morgan.
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