BGC Brokers is collaborating with Pirum Systems, a provider of connectivity and real-time straight-through processing (STP) to the securities finance industry, to launch ColleX which is aimed at improving post-trade efficiency for clients.
ColleX provides clients a platform for collateral trading. Specifically, it is a multi-product and multi-asset-class platform to promote collateral mobility in all its forms. Its centralised liquidity increases the depth and breadth of interests, thereby promoting fast execution.
ColleX was launched to market in Q3 2016 as part the widening portfolio of electronic services developed by BGC's FENICS business.
The collaboration between the two firms will enable clients to leverage ColleX's expertise in electronic trading, combined with Pirum Systems' ability to manage the post-trade lifecycle, which includes regulatory reporting.
Philip Norton, executive managing director, e-commerce, BGC Partners, says: "The need to tackle market-wide collateral latency and mobility makes Pirum's STP connectivity and post-trade infrastructure key to the financing universe. Linking ColleX to Pirum's suite of products addresses frictional costs, which is a benefit to our clients. Furthermore, we are excited to grow this joint effort across BGC's global brands."
Rajen Sheth (pictured), chief executive officer, Pirum Systems, says: "We are excited to be working with ColleX to create this trading marketplace. Market connectivity and trade life-cycle management is core to Pirum's product offering. Our ability to streamline the post-trade process by transacting on ColleX will increase liquidity in this marketplace."
