RiskTech Forum

BGC Brokers Collaborates with Pirum for ColleX

Posted: 26 January 2017  |  Source: BGC Partners


BGC Brokers L.P. ("BGC Brokers") a subsidiary of BGC Partners, Inc. group (NASDAQ: BGCP), 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 [1].

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.