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State Street Collateral+ Platform Now Live with Pirum’s CollateralConnect Service
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
State Street Corporation (NYSE: STT) has integrated its Collateral+ platform with Pirum’s CollateralConnect service, enhancing collateral management and optimization for mutual clients. This collaboration builds on previous investments in the Collateral+ suite, which recently added a Tri-Party service for buy-side firms to optimize collateral usage. The integration improves intra-day margining and automates collateral coverage, advancing operational efficiency. State Street's global presence spans over 100 markets, managing $4.1 trillion in assets.
Positive
Integration of Collateral+ with Pirum's CollateralConnect streamlines collateral management.
Enhanced operational efficiency through automation of intra-day margining.
Expansion of Collateral+ suite with Tri-Party service improves collateral usage.
Negative
None.
Firm continues to add new capabilities to it Collateral+ Platform
BOSTON--(BUSINESS WIRE)--
State Street Corporation (NYSE:STT) announced today the integration of its Collateral+ platform with Pirum’s CollateralConnect service to support mutual clients with collateral management and optimization. This collaboration builds on a series of investments in the Collateral+ suite, which was recently expanded to include the Tri-Party service, which enables buy-side firms to optimize collateral usage and efficiency when posting margin to meet initial and variation margin commitments.
CollateralConnect leverages Pirum’s extensive connectivity with State Street to provide intelligent, straight thru processing which streamlines intra-day margining, automates collateral coverage and drives efficient collateral usage and mobilization. This provides connectivity, workflow, and automation to State Street Tri-Party collateral service.
“As markets continue to evolve, firms will have more and more complex collateral management needs,” said Staffan Ahlner, global head of Collateral Management, State Street. “We are delighted to announce this collaboration with Pirum, which will further elevate our collateral posting capabilities on behalf of our clients while enhancing our operational efficiency.”
“We are proud to help clients leverage the State Street Collateral+ and triparty platform to achieve better operational and financial efficiencies with relatively minimal time and effort on their part,” said Phil Morgan, CEO of Pirum. “Our CollateralConnect solution offers firms an easier way to connect to State Street, to share data, automate processing and drive better client outcomes.”
About State Street
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $43.7 trillion in assets under custody and/or administration and $4.1 trillion* in assets under management as of December 31, 2021, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of December 31, 2021 includes approximately $61 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
Pirum helps firms manage over $3tr of trades and collateral on a daily basis across their securities lending, repo and derivatives businesses through our front-to-back collateral, margin and transaction services. Pirum’s established network hub provides firms with unparalleled market connectivity and turnkey access to the wider collateral ecosystem including its counterparts, market infrastructure providers and third-party services.
CollateralConnect is an enterprise-wide, cross asset collateral management and optimization service which can be utilized for all types of collateralized transactions across multiple collateral venues. We help firms, including Agent Lenders and Broker Dealers with the ability to effectively manage and optimize collateral, funding and liquidity to help our clients improve returns, manage risk, and meet compliance requirements.
Pirum clients benefit from a single integration point that enables access to all our services on a fully hosted basis inclusive of ongoing development, support and maintenance. As a result, Pirum’s ‘SaaS’ model provides a flexible, scalable solution to help firms achieve their optimization goals and deliver on those in a faster, more cost-effective way. For more information visit www.pirum.com
