BGC Brokers L.P. ("BGC Brokers") a subsidiary of BGC Partners, Inc. group, today announced that it is collaborating with Pirum Systems ("Pirum"), the market leader in connectivity and real-time straight-through processing (STP) to the securities finance industry, to launch BGC's latest offering ColleX™ and improve post-trade efficiency for clients.
ColleX™ provides clients a platform for collateral trading. Specifically, it is a multi-product and multi-asset-class platform to promote collateral mobility in all its forms. Its centralised liquidity increases the depth and breadth of interests, thereby promoting fast execution. ColleX™ was launched to market in Q3 2016 as part the widening portfolio of electronic services developed by BGC's FENICS business.
The collaboration between the two firms will enable clients to leverage ColleX™'s expertise in electronic trading, combined with Pirum Systems' ability to manage the post-trade lifecycle, which includes regulatory reporting.
Philip Norton, Executive Managing Director, e-Commerce, BGC Partners commented: "The need to tackle market-wide collateral latency and mobility makes Pirum's STP connectivity and post-trade infrastructure key to the financing universe. Linking ColleX™ to Pirum's suite of products addresses frictional costs, which is a benefit to our clients. Furthermore, we are excited to grow this joint effort across BGC's global brands."
Rajen Sheth, Chief Executive Officer, Pirum Systems commented: "We are excited to be working with ColleX™ to create this trading marketplace. Market connectivity and trade life-cycle management is core to Pirum's product offering. Our ability to streamline the post-trade process by transacting on ColleX™ will increase liquidity in this marketplace."
Pirum Systems is the market leader in real-time STP services to the securities finance industry, providing unparalleled connectivity with counterparties, collateral venues, trading platforms and central counterparties.