The buyside is about to get a better view of its post-trade picture.
Markit, a provider of financial information services, today announced a partnership with Pirum, a vendor of automated post-trade finance processes to bring more timely and accurate Markit securities finance data. Also, the goal is to bring the buyside a more transparent look at its trade processes and help it save money.
Mutual customers of the two firms can now use Pirum’s data hub to deliver intraday and end of day trade data to Markit’s securities finance global data set. Pirum’s new API delivery mechanism enables customers to immediately benefit from enhanced coverage and timeliness.
David Carruthers, managing director and co head of securities finance at Markit, said: “This agreement with Pirum will help our joint customers easily access intraday trade data through Markit’s securities finance analytical tools. The benefits of this integration extend beyond traditional securities lending and borrowing data to encompass pending, repo and collateral data. Markit’s data coverage spans a spectrum of trade types and reinforces our commitment to providing customers with a single platform that meets their data needs across the entire securities financing workflow.”
Markit’s partnership with Pirum builds on the securities finance coverage already collated by Markit through direct customer contributions, which covers over $15 trillion of securities in the lending programs of over 20,000 institutional funds and tracks loan balances of approximately $2 trillion.
