Pirum Provides MiFID II Collateral Reporting Support to Its Clients

Pirum, a leading provider of securities finance automation, recently announced that it has enhanced its collateral management service (Collateral Connect) by supporting clients with their MiFID II collateral reporting requirements.

Under article 63 of MiFID II regulation, investment firms that hold client financial instruments or client funds are required to send, at least on a quarterly basis, a statement (in a durable medium) of those financial instruments or funds to each client.

According to the press release, Pirum’s new functionality allows its clients to report at scale, in the format and frequency regulators require, to all their counterparts.

“We continue to work closely with our clients to understand the evolving regulatory requirements that they are required to meet. We always look to leverage our extensive data and connectivity, and we have a proven track record of supporting our clients with highly automated solutions,”Robert Frost, Global Head of Product at Pirum said.

Founded in June 2000 with the objective of providing advanced, centralised and secure reconciliation services for financial market participants, Pirum provides a secure processing hub which seamlessly links market participants together, allowing them to electronically process and verify key transaction details.