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Wematch and Pirum will extend their partnership to develop a solution to assist clients with avoiding Central Securities Depositories Regulation (CSDR) failures.
After partnering in June 2020 on a front-to-back securities lending offering, Wematch clients using Pirum’s new Trade Risk Manager service can now elect to cover failing trades via automated connectivity to the Wematch platform.
Wematch has developed a section for CSDR that allows same-day settlement and will offer increased connectivity and communication with the market in a centralised platform. It will also allow institutions to address potential fines and penalties.
David Raccat, co-founder at Wematch, says: “This new connectivity protocol with Pirum cements our partnership towards a more streamlined solution for our mutual clients. This new solution will bring significant contribution to a more efficient and innovative securities finance market.
“The CSDR regulation has enforced enhancement for post-trade services. At Wematch we are committed to innovation and we have come up with a front-office solution to address this new regulation in partnership with Pirum.”
Robert Frost, head of product at Pirum, adds: “We have been working closely with our clients to identify challenges and improve existing processes. CSDR has presented some new challenges and magnified the impact of some existing sub-optimal processes that we have been asked to explore solutions for.”
