Pirum upgrades collateral system for Mifid II reporting

Pirum has upgraded its flagship collateral management solution to enable clients to report positions in line with European reporting requirements.

The London-based fintech said on Monday it has upgraded CollateralConnect to enable users to report client positions to the relevant firms in line with article 63 of the Mifid II regulation.

Under the Mifid article, firms such as banks and brokers are required to report positions or updates on funds to the relevant underlying clients at least on a quarterly basis.

Robert Frost, global head of product at Pirum, said: “We continue to work closely with our clients to understand the evolving regulatory requirements that they are required to meet. We always look to leverage our extensive data and connectivity, and we have a proven track record of supporting our clients with highly automated solutions.”

Pirum, a fintech vendor with various solutions, signed three weeks ago, an agreement to partner with BNY Mellon to integrate the US bank’s tri-party collateral schedules into the CollateralConnect service.

In late September, Pirum and Wematch partnered to develop a service to enable clients to avoid fines under European settlement regulation.

Mifid II is a vast piece of regulation that took effect in early 2018, mandating various new requirements including best execution and detailed reporting on client positions.