Following the success of their collaborative SFTR solution,
the firms have announced plans to leverage Cappitech data
validation, event creation and regulatory connectivity with Pirum's
RegConnect, creating an efficient and streamlined reporting
solution for the new regulation.
NEW
YORK, May 2, 2024 /PRNewswire/ -- Pirum, the
post-trade services fintech that has been at the heart of the
securities finance industry for over two decades, today announced
that the SFTR solution, built and offered collaboratively with
S&P Global Market Intelligence Cappitech, will be extended to
cover clients' reporting obligations under the upcoming SEC 10c-1a
regulation.
The announcement follows the success of the two firms' SFTR
solution, which currently processes more than 9 million records a
day and averages a 97+% ACK rate for submissions to trade
repositories.
The new reporting solution, which leverages Pirum's existing
connectivity with the entire securities finance, repo and
collateral management ecosystems, will assist clients to meet the
SEC's incoming 10c-1a reporting requirements. The solution combines
S&P Global Market Intelligence Cappitech's rigorous data
validation, event creation and regulatory connectivity, with
Pirum's UTI generation and reconciliation abilities, to form an
efficient and streamlined reporting solution.
The firms began collaborating on this project when the SEC first
proposed 10c-1a in November 2021.
They have also worked closely with their clients and industry
associations, as well as engaged with regulators, to arrive at a
detailed and holistic understanding of the incoming rules and
requirements.
The extensive conversations with industry participants made it
clear to Pirum and S&P Global Market Intelligence Cappitech
that there was significant appetite for this solution, globally.
Key use cases included participants' keen desire to avoid
bifurcating current processes, enable faster time to market,
leverage existing SFTR connectivity and data flows, and facilitate
easier integration.
Struan Lloyd, Managing
Director and head of S&P Global Market Intelligence
Cappitech, said "Cappitech is proud to work with Pirum to
extend our market-leading reporting solution to help clients with
their upcoming obligations under SEC 10c-1a. Building on the
success of our joint collaboration in SFTR, the solution will be
enhanced to cover the specific requirements and workflows required
by the new regulation. The SFTR community has trusted Cappitech and
Pirum to deliver a comprehensive reporting solution and we take
that obligation and responsibility very seriously to ensure our
clients can satisfy their reporting obligations with a critical
focus on complete, reliable and timely reporting. We are excited to
bring this new solution to market as the regulations come into
effect."
Phil Morgan, CEO at Pirum,
said "By enhancing RegConnect to deliver a robust and reliable
10c-1a solution, Pirum and S&P Global Market Intelligence
Cappitech have taken another leap together on our journey to keep
our clients on the right side of ever-changing regulatory
requirements. Having previously built and rolled out a reporting
solution that successfully handles the complexity of SFTR
reporting, extending it to cover the less onerous, but equally
important 10c-1a requirements, was a logical evolution of the
existing product. Pirum and Cappitech are now well-positioned to
keep delivering on our mission to help industry participants comply
with future regulatory requirements."
Today's announcement continues Pirum and S&P Global Market
Intelligence Cappitech's joint tradition of enabling securities
finance clients to adapt successfully to constantly evolving
regulatory obligations through smart, automated and connected
technology.
About Pirum System
Pirum Systems was founded in 2000 with the objective
of automating the full post-trade lifecycle for the securities
finance and collateral management industries. The Software as a
Service (SaaS) platform has since become the industry gold-standard
globally for post-trade automation and connectivity solutions.
Today, the Pirum platform is used and trusted by over 120 leading
financial institutions around the world, covering both buy- and
sell-side activities. Pirum delivers automation, operational
efficiency, regulatory compliance, and reduced cost for its network
of clients, who use Pirum's solutions to process their trades in
global financial markets. By connecting market participants around
the world, the Pirum dynamo sits at the heart of a complex
multi-party financial markets eco-system, all the while increasing
transparency, streamlining operations and fostering collaboration.
pirum.com
About S&P Global Market Intelligence
At S&P Global Market Intelligence, we understand the
importance of accurate, deep and insightful information. Our team
of experts delivers unrivalled insights and leading data and
technology solutions, partnering with customers to expand their
perspective, operate with confidence, and make decisions with
conviction.
S&P Global Market Intelligence is a division of S&P
Global (NYSE: SPGI). S&P Global is the world's foremost
provider of credit ratings, benchmarks, analytics and workflow
solutions in the global capital, commodity and automotive markets.
With every one of our offerings, we help many of the world's
leading organizations navigate the economic landscape so they can
plan for tomorrow, today. For more information, visit
www.spglobal.com/marketintelligence.
Media contact
Pirum Systems
Markus
Coleman
Director of Marketing
Markus.Coleman@pirum.com
S&P Global Market Intelligence
Amanda Oey
Director of Strategic Communications
Amanda.oey@spglobal.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/pirum-and-sp-global-market-intelligence-cappitech-extend-collaboration-to-cover-upcoming-sec-10c-1a-regulation-302133720.html
SOURCE S&P Global Market Intelligence