Pirum revamps CCP Gateway with corporate actions
18 May 2016 London
Image: Shutterstock
Post-trade services provider Pirum has enhanced its CCP Gateway service with access to the voluntary corporate action messaging system of Eurex Clearing's Lending Central Counterparty (CCP) securities lending service.
The new bolt-on service allows CCP Gateway users to convey instructions relating to voluntary corporate actions onto the Lending CCP for processing.
In a brief on the new functionality, Pirum outlined the benefits of the service. Lenders are able to manage elections at fund level maintaining the relevant bulked view for the borrower.
Additionally, reconciliation of stock outturns and notifications of cash payments on the back of elections will be available.
All update notifications for elections or queries from the borrower to lender will be delivered automatically and users will have full visibility on updates to the CCP positions and trade details in real time.
Pirum has collaborated with Eurex Clearing since 2012 though its CCP Gateway, which enables bilaterally traded business to be sent to a CCP for refinancing by leveraging post-trade automation connectivity to access central clearing platforms.
The partnership also allows for matching of new trades with counterparties, followed by novation with Eurex Clearing, along with matched cancellation of new trades and matched rate changes fed through to Eurex Clearing.
The new bolt-on service allows CCP Gateway users to convey instructions relating to voluntary corporate actions onto the Lending CCP for processing.
In a brief on the new functionality, Pirum outlined the benefits of the service. Lenders are able to manage elections at fund level maintaining the relevant bulked view for the borrower.
Additionally, reconciliation of stock outturns and notifications of cash payments on the back of elections will be available.
All update notifications for elections or queries from the borrower to lender will be delivered automatically and users will have full visibility on updates to the CCP positions and trade details in real time.
Pirum has collaborated with Eurex Clearing since 2012 though its CCP Gateway, which enables bilaterally traded business to be sent to a CCP for refinancing by leveraging post-trade automation connectivity to access central clearing platforms.
The partnership also allows for matching of new trades with counterparties, followed by novation with Eurex Clearing, along with matched cancellation of new trades and matched rate changes fed through to Eurex Clearing.
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