Ahead of the securities settlement cycle in North America shortening to T+1, BBH Global Securities Lending has launched Pirum’s automated Recalls Manager solution to reduce securities lending fails, penalties and overdraft costs, while increasing operational efficiency.

Boston, MA, March 20, 2024 – Brown Brothers Harriman & Co. (BBH), a market-leading custodian and administrator, today announced that it has launched Recalls Manager from Pirum, the post-trade services fintech that has been at the heart of the securities finance industry for over two decades.

BBH adopted the Recalls Manager solution in an effort to reduce securities lending fails and leverage automation and real-time coverage, to promote a smooth transition to the shortened T+1 settlement cycle. Covering the full global post-trade lifecycle from issuance to closure, the benefits of the plug-and-play Recalls Manager solution include:

• Reduced fails, CSDR penalties and overdraft costs
• Reduced operational costs
• Mitigated buy-in risks
• Increased trading desk capacity
• Increased control and oversight

“We are pleased to partner with Pirum to further enhance our post-trade automation 
capabilities. Straight Through Processing (STP) across the full recall lifecycle is an important risk mitigant prior to North American markets moving to a T+1 settlement cycle in May. Expanding our capabilities in this area, and all post-trade processing, reduces operational friction with our borrowers, and allows us to better service our clients by reducing disruption to regular portfolio management activity”, said Sarah Holmes, BBH Principal and Global Head of Securities Lending.

This newest adoption of Pirum services deepens BBH and Pirum’s long-standing relationship. BBH has previously automated other aspects of the post-trade lifecycle with Pirum’s Trade Risk Manager and Corporate Actions solutions.

Jacob Koopmans, Chief Revenue Officer at Pirum, said: “We are delighted to work with BBH and help facilitate a seamless transition for their clients with our T+1 ready solution. By rolling out Recalls Manager well ahead of the incoming regulatory shift, BBH has yet again achieved a smooth continuation of its best-in-class client services and enhanced risk management oversight. In addition, BBH has freed up time and resources, which it can now redeploy to deliver even more value to its clients.”

About T+1

The move by BBH precedes the U.S. Securities and Exchange Commission’s (SEC) incoming T+1 regulatory regime, effective on May 28th 2024. Capital markets participants operating in the US will from then on be required to complete their securities trade-related settlements within one day of the transaction (‘T+1’), halving the current standard T+2 days cycle. Canada and Mexico are implementing the regime on 27th May 2024. Both HM Treasury and the European Commission have signalled that they are now focusing on how and when the UK and the European Union, respectively, will transition to T+1 settlements.

This update is intended only for distribution in the United States, United Kingdom, Switzerland and Japan.

About Brown Brothers Harriman

BBH is an independent, global financial services firm founded in 1818 and headquartered in New York City. It counts among its clients, institutions, privately-held companies, families and wealthy individuals which it serves through its three business lines: Investor Services, Investment Management and Private Banking. The firm is known for its exceptional client service and specialist expertise.

BBH’s Investor Services business provides cross-border custody, accounting, administration, markets products, included global securities lending, and advanced technology services to many of the world’s leading asset managers and financial institutions. BBH’s Investment Management and Private Banking businesses manage public and private securities portfolios, advise banking clients on strategic direction, provide debt financing and banking services and offer trust and estate services.

BBH, including BBH Investor Services, operates in over 90 markets worldwide from 18 offices. BBH employs approximately 6,000 professionals. For more information, please visit bbh.com

About Pirum Systems

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, and including the majority of Global Systemically Important Banks. Pirum delivers automation, operational efficiency, regulatory compliance, and reduced cost for its
network of clients, who use Pirum 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 media contact

Pirum Systems

Markus Coleman

Director of Marketing



BBH media contact

Brown Brothers Harriman

Prosek Partners


+1 857 702 2114