eSecLending announced the adoption of the T+1-ready Recalls Manager solution from Pirum Systems. Ahead of the industry-wide move to T+1, eSecLending chose Pirum’s best-in-class Recalls Manager solution, because of its in-built capabilities – including reducing fails, CSDR penalties and overdraft costs, whilst simultaneously mitigating buy-in costs, as well as increasing trading desk capacity, control and oversight.
The move contributes to eSecLending’s wider automation strategy, which seeks to ensure the firm both remains ahead of regulatory changes, like T+1 and the Security and Exchange Commission’s (SEC’s) Rule 10c-1a, and frees up time and resources to find new ways to add value for its clients. eSecLending is the industry’s largest independent securities lending agent. The company’s alternative approach to securities lending combines best-execution service with cutting-edge technology. With nearly $850 billion in lendable assets, the agent lender’s diverse client-base includes pension funds, asset managers, insurance companies, sovereign wealth funds and corporations.
Jacob Koopmans, chief revenue officer at Pirum, said: “Pirum has a long relationship with eSecLending and we are pleased to expand our solutions for them in the US. It is through collaborations like these, between forward-looking, technologically advanced, and client-centric companies like eSecLending and Pirum, that we can truly improve and modernize the industry.”
“At eSecLending, we continually seek to refine and improve our operational infrastructure. By leveraging Pirum’s Recalls Manager product, we can ensure our client programs continue to operate seamlessly during the industry’s upcoming T+1 settlement transition, as well as future regulatory shifts”, said Larry Albaugh, managing director and head of Global Operations at eSecLending, in a statement. “While the reduced settlement cycle will demand increased efficiencies from securities lending to avoid market disruption, our pre-existing process of direct communication with our clients’ investment managers and increased processing automation from tools such as this Pirum product will allow us to accommodate the changes required to meet the expectations of both our lending and borrowing communities.”