Pirum and J.P. Morgan launch triparty dual matching service
27 November 2020 US
Image: nito/adobe.stock.com
Pirum has added a dual matching facility to its partnership with J.P. Morgan triparty which allows collateral providers and receivers to fully automate the exchange process and builds on their “long track record of innovation and collaboration”, which began in 2012.
The tool allows both parties to fully automate their triparty required value (RQV) processing, enabling them to automatically agree, match and instruct their exposures for efficient collateralisation.
This new service is free to all Pirum clients and is an extension to its ‘one sided’ RQV solution with J.P. Morgan triparty which is already utilised by 41 market participants.
Todd Crowther, head of innovation at Pirum, says: “To support the increasing use of triparty driven by regulatory initiatives such as Uncleared Margin Rules, we are excited to extend our service offering with J.P. Morgan.
“By leveraging our connectivity and automation, this turnkey solution streamlines RQV pre-matching, agreement, instruction and monitoring thus benefitting clients by minimising counterparty risk, enabling efficient straight-through processing and reducing operational risk via better controls.”
Elsewhere, Matthew Mitchell, J.P Morgan triparty product executive, says the expanded partnership answers the “pressing need from mutual clients to dynamically deliver matching data on behalf of the borrower community to us for a multitude of trade scenarios”.
“This added flexibility supplements existing functionality within our global platform which seamlessly meets requirements of clients, reduces the need for manual processes, mitigates unnecessary risk, and ultimately ensures a greater control framework,” Mitchell adds.
Now read: Securities Finance Times Collateral Annual 2021.
The tool allows both parties to fully automate their triparty required value (RQV) processing, enabling them to automatically agree, match and instruct their exposures for efficient collateralisation.
This new service is free to all Pirum clients and is an extension to its ‘one sided’ RQV solution with J.P. Morgan triparty which is already utilised by 41 market participants.
Todd Crowther, head of innovation at Pirum, says: “To support the increasing use of triparty driven by regulatory initiatives such as Uncleared Margin Rules, we are excited to extend our service offering with J.P. Morgan.
“By leveraging our connectivity and automation, this turnkey solution streamlines RQV pre-matching, agreement, instruction and monitoring thus benefitting clients by minimising counterparty risk, enabling efficient straight-through processing and reducing operational risk via better controls.”
Elsewhere, Matthew Mitchell, J.P Morgan triparty product executive, says the expanded partnership answers the “pressing need from mutual clients to dynamically deliver matching data on behalf of the borrower community to us for a multitude of trade scenarios”.
“This added flexibility supplements existing functionality within our global platform which seamlessly meets requirements of clients, reduces the need for manual processes, mitigates unnecessary risk, and ultimately ensures a greater control framework,” Mitchell adds.
Now read: Securities Finance Times Collateral Annual 2021.
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