Bank of America has become the first client to go live on a new joint venture between securities lending firms Wematch and Pirum.
The two firms have partnered to develop a front-to-back securities lending solution using the Wematch platform for mutual clients.
Through the partnership, agent lenders and borrowers can match and negotiate trades in Wematch, and leverage connectivity with Pirum to manage all post-trade lifecycle events in an automated way.
“The interoperability with Pirum on securities lending is completing our current offering with a fully low touch workflow and we are convinced this upgraded setup will benefit all dealers. The pre-trade workflow we have built in Wematch combined with the best-in-class post-trade offering of Pirum will make the whole process seamless and very powerful,” said David Raccad, co-founder and head of EMEA, Wematch.
The solution culminates a three-year effort, following their announced partnership in 2017 to build a joint service.
Wematch is planning an expansion in the US market, after securing backing from JP Morgan and Societe Generale in September last year.
The firm provides a dealer-to-dealer platform to clients through web technologies in a bid to improve the matching and negotiation trading process. It aims to bring the audit and control benefits of electronic trading to voice-traded markets via a web-based software-as-a-service.