Exclusive: Pirum secures J.P. Morgan as first user of corporate actions service
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Exclusive: Pirum secures J.P. Morgan as first user of corporate actions service 12 March 2021UK Reporter: Drew Nicol
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J.P. Morgan Agency Lending is now live as the first client on Pirum Systems’ new corporate actions service CoacsConnect.
The service brings automation, efficiency, connectivity, and enhanced oversight to a “critical area of capital markets,” Pirum states.
Simon Heath, head of agency lending for Europe, the Middle East and Africa at J.P.
Morgan, says: “Reducing operational drag, mitigating risks, and driving greater efficiencies across the entire trade lifecycle are intrinsic to the success of our business.
“We look forward to working with Pirum and our borrowers to boost efficiencies in this area going forward.”
With the new tool, Pirum aims to provide a straight-through process for creating, publishing, and disseminating claims notifications with comprehensive workflow tools to manage the full lifecycle of events.
Pirum CEO Philip Morgan says: “This is an exciting development for Pirum as we, along with full industry support, continue to evolve our post-trade services into the corporate actions space.
“This is the first step on what will become a comprehensive offering to the securities finance market and is yet another solution launched as part of Pirum’s ‘Future Tech’ initiative.”
Pirum says it is collaborating with “several innovative market participants” who form part of its Future Tech initiative and will be making a series of similar announcements in the coming weeks.
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