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May 13, 2021

Pirum enhancement for SFTR reconciliation workflow

PRESS RELEASE

Pirum is pleased to announce an enhancement to their SFTR reconciliation service.

As part of the Joint SFTR solution with IHS Markit, Pirum provides trade reconciliation, collateral and margin lending data to pre-match and share UTIs between counterparts and reconcile the individual data fields before submission to the relevant Trade Repository (TR). Pirum’s SFTR reconciliation helps firms to manage risk and reduce report submission rejections and pairing and matching exceptions at the TR. It also allows firms to share UTIs efficiently.

Following the successful launch of the solution, Pirum has made further enhancements to the SFTR reconciliation service workflow to allow users to comment on trades within their own teams or with their counterparts using a chat panel.

This allows users to communicate with their team and counterparts in one place, helping them prevent and resolve issues faster whilst navigating the sizeable number of touch points across their and their counterparts’ organisations in order to help manage pairing and break issues between them.

Additionally, this will help with the cross jurisdictional reconciliation between the UK and European entities. Despite this no longer being in scope for the Trade Repositories, Pirum will be continuing to support firms reconciling the full data set and providing the enhanced messaging functionality for these trades, and when used in conjunction with our post trade automation services, such as Auto Returns, Marks and Exposure Management can help further prevent breaks in the first place.

Duncan Carpenter, Head of SFTR at Pirum said “We’ve worked closely with firms with the phased rollout of our reconciliation functionality. Now the initial focus on UTI sharing has bedded in, todays rollout of additional workflow tools will help counterparts to manage the resolution of breaks alongside further enhancements planned in the coming months.”