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Classic Service

Overview

Pirum’s Classic Service provides market participants with automated comparisons of the key financial details of their open contracts, monthly billing and income claims. Any differences are highlighted automatically, enabling users to immediately focus on prioritised exceptions and to quickly resolve any issues.

Contract Compare – Reconciles close-of-business borrows, loans, repos and cash and non-cash collateral for both bilateral and custody trades.

Billing Compare – Automatically highlights any differences at a detailed transaction / day level in the monthly billing statements that would otherwise delay payment of fees and rebates.

Billing Delivery – Enables fast and efficient electronic distribution of billing statements to all counterparties, whether or not they are Pirum subscribers.

Open Position Delivery – Efficiently and electronically distributes end of day positions to all counterparties.

Income Claims – Matches manufactured dividend and coupon interest claims and provides automated extracts for straight-through payment processing.

Custody – A contract compare service designed specifically for custodians to reconcile their clients positions.

The timely resolution of breaks is essential to ensure that both parties maintain accurate books and records. This significantly improves the processing efficiency of all downstream processes such as mark-to-market, returns and monthly billing.

Key Features

The Contract Compare service reconciles stock loan and repo style trades together with any associated collateral pledges (i.e. cash, non-cash and cash pool collateral).

Transactions are compared throughout their full life cycle: From initial trade date (as a pending, unsettled transaction) through to the day on which the trade finally closes (i.e. when the final return is fully settled). Pending returns and repo far legs are also included in the reconciliation.

Key Benefits

Consistent interface

Users familiar with one service easily become proficient with others as their roles develop, increasing staff flexibility and coverage whilst minimising training requirements and costs.

Advanced matching

Accurately matching transactions from both sides ensures staff can focus on fixing the real issues and avoid wasting time chasing false breaks.

User filters, sorting and reporting

Advanced options make it easy to prioritise breaks and deal with the most critical first. Filtering supports a workflow driven approach where users only see those breaks of interest. Reports are downloadable directly into Excel.

Leading edge security

Security is assured using a multilayered architecture, so that in the unlikely event of the failure of any single layer, the data remains protected.

Pro-active support

Sophisticated monitoring alerts Pirum to potential problems allowing pro-active action to maintain exceptional quality of service.

Flexible run times

Pirum’s event driven technology processes information as soon as it is received, ensuring that reconciliations are always as up-to-date as possible and providing unrivalled processing flexibility.

Statistics and Benchmarks

Aged break statistics by counterparty enable you to pinpoint specific issues and measure progress. ISLA benchmarks allow comparison of performance against market averages and recommended performance thresholds.

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Product/Service Details

User Suitability (Capital Markets & Investment)
Asset Managers, Brokerage, Trading
Geographic Availability
Europe
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