25 Mar 2021
Pirum Systems lends it voice of support to the Bank of England Money Market Code
PRESS RELEASE
As part of its commitment to ESG and the establishment of industry best practice, Pirum is delighted to announce that it has signed a statement of support for the Bank of England Money Market Code covering Repo and Securities lending activity.
In line with the set of principles outlined within the Code, Phil Morgan (CEO) has confirmed that Pirum fully supports the principles set out in the code which should be regarded as good market practice.
As firms look to align their market practices and adopt more stringent governance around the running of their Securities Finance operations, Pirum continues to support its clients and the industry in the adoption of best practices around pre and post trade automation.
Phil Morgan, CEO said: “Pirum’s services help clients adhere to the market best practice guidelines set out in the code. We are seeing the industry evolve its target operating model like never before and Pirum are committed to assisting the market, both from a trade and collateral perspective.”
Robert Frost, Head of Product Development at Pirum said: “The impacts of regulatory change coupled with a tough trading environment, has led our clients to increasingly look for greater automation. This both helps manage risk and provides efficiencies. The code clearly lays out requirements for firms to adhere to industry best practices, and Pirum is well placed to help firms here, and our commitment to the Code allows us to demonstrate this.”
All the Statements can be found on the Bank of England website.