eSecLending engages Pirum solution to deliver T+1 readiness
29 February 2024 US
Image: Natali/stock.adobe.com
Global securities lending agent eSecLending has adopted Pirum Systems’ T+1-ready Recalls Manager solution.
The announcement comes ahead of the industry-wide move to a shorter settlement cycle in the US, Canada and Mexico in May.
It also contributes to eSecLending’s wider automation strategy, which aims to ensure the firm remains ahead of regulatory changes and allows time and resources to find new avenues to add value for clients.
Pirum’s solution offers built-in capabilities including fails reduction and Central Securities Depositories Regulation (CSDR) penalties and overdraft costs management.
It aims to mitigate buy-in costs, as well as increase trading desk capacity, control and oversight.
Commenting on the news, Jacob Koopmans, chief revenue officer at Pirum, says: “We are delighted to collaborate with eSecLending for their clients to have a stable and successful journey into T+1 settlements.
“Pirum has a long-term relationship with eSecLending and we are pleased to expand our solutions for them in the US. It is through collaborations like these that we can improve and modernise the industry.”
Larry Albaugh, managing director and head of global operations at eSecLending, adds: “At eSecLending, we continually seek to refine and improve our operational infrastructure. By leveraging Pirum’s Recalls Manager product, we can ensure our client programmes continue to operate seamlessly during the industry’s upcoming T+1 settlement transition, as well as future regulatory shifts.
“While the reduced settlement cycle will demand increased efficiencies from securities lending to avoid market disruption, our pre-existing process of direct communication with our clients’ investment managers and increased processing automation, from tools such as this Pirum product, will allow us to accommodate the changes required to meet the expectations of both our lending and borrowing communities.”
The announcement comes ahead of the industry-wide move to a shorter settlement cycle in the US, Canada and Mexico in May.
It also contributes to eSecLending’s wider automation strategy, which aims to ensure the firm remains ahead of regulatory changes and allows time and resources to find new avenues to add value for clients.
Pirum’s solution offers built-in capabilities including fails reduction and Central Securities Depositories Regulation (CSDR) penalties and overdraft costs management.
It aims to mitigate buy-in costs, as well as increase trading desk capacity, control and oversight.
Commenting on the news, Jacob Koopmans, chief revenue officer at Pirum, says: “We are delighted to collaborate with eSecLending for their clients to have a stable and successful journey into T+1 settlements.
“Pirum has a long-term relationship with eSecLending and we are pleased to expand our solutions for them in the US. It is through collaborations like these that we can improve and modernise the industry.”
Larry Albaugh, managing director and head of global operations at eSecLending, adds: “At eSecLending, we continually seek to refine and improve our operational infrastructure. By leveraging Pirum’s Recalls Manager product, we can ensure our client programmes continue to operate seamlessly during the industry’s upcoming T+1 settlement transition, as well as future regulatory shifts.
“While the reduced settlement cycle will demand increased efficiencies from securities lending to avoid market disruption, our pre-existing process of direct communication with our clients’ investment managers and increased processing automation, from tools such as this Pirum product, will allow us to accommodate the changes required to meet the expectations of both our lending and borrowing communities.”
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