Pirum, a fintech leader in post-trade services for the securities finance industry spanning over two decades, has announced today the extension of its SFTR solution in collaboration with S&P Global Market Intelligence Cappitech to encompass clients’ reporting obligations under the upcoming SEC 10c-1a regulation.
The extension follows the success of their current SFTR solution, processing over 9 million records daily with an impressive 97%+ ACK rate for submissions to trade repositories.
This new reporting solution leverages Pirum’s extensive connectivity across securities finance, repo, and collateral management ecosystems. It aims to assist clients in meeting the SEC’s forthcoming 10c-1a reporting requirements by combining S&P Global Market Intelligence Cappitech’s robust data validation, event creation, and regulatory connectivity with Pirum’s capabilities in UTI generation and reconciliation, ensuring an efficient and streamlined reporting process.
Collaboration on this project began when the SEC proposed 10c-1a in November 2021. Both firms engaged closely with clients, industry associations, and regulators to gain a comprehensive understanding of the new rules and requirements.
Conversations with industry stakeholders highlighted strong global demand for this solution, driven by the desire to maintain current processes, expedite time to market, utilize existing SFTR connectivity and data flows, and facilitate seamless integration.
Struan Lloyd, Managing Director and head of S&P Global Market Intelligence Cappitech, remarked, “Cappitech is pleased to partner with Pirum to extend our leading reporting solution, supporting clients with upcoming SEC 10c-1a obligations. Building on our successful collaboration in SFTR, this solution will evolve to address specific requirements and workflows mandated by the new regulation. We are committed to delivering comprehensive, reliable, and timely reporting solutions that meet our clients’ needs as regulations evolve.”
Phil Morgan, CEO at Pirum, added, “Enhancing RegConnect to deliver a robust 10c-1a solution marks another milestone in our journey with S&P Global Market Intelligence Cappitech to ensure our clients meet evolving regulatory demands. Following the success of our SFTR reporting solution, extending it to cover 10c-1a requirements was a logical progression. Together, Pirum and Cappitech are well-positioned to support industry participants in compliance with future regulatory frameworks.”
Today’s announcement underscores Pirum and S&P Global Market Intelligence Cappitech’s commitment to empowering securities finance clients with smart, automated, and interconnected technology to navigate regulatory complexities effectively.
About Pirum Systems: Founded in 2000, Pirum Systems automates the full post-trade lifecycle for the securities finance and collateral management industries. Its Software as a Service (SaaS) platform is globally recognized as the industry standard, trusted by over 120 leading financial institutions worldwide. Pirum’s solutions enhance operational efficiency, regulatory compliance, and reduce costs, facilitating seamless trade processing in global financial markets. Learn more at pirum.com.
