UK Regtech Prium Adds MiFID II Collateral Reporting Support

Pirum, a regtech company dealing with securities finance automation, announced on Monday that it has enhanced its collateral management services, adding client support with MiFID II collateral reporting requirements.

The official press release detailed that investment firms that hold client financial instruments or client funds are required to send a statement at least on a quarterly basis detailing the financial instruments or funds to each client. This requirement is specified under article 63 of MiFID II regulation.

The new services of the company are focused to allow its clients to scale the format and frequency of their regulatory reporting mandates.

“We continue to work closely with our clients to understand the evolving regulatory requirements that they are required to meet,” Robert Frost, Global Head of Product at Pirum, said in a statement. “We always look to leverage our extensive data and connectivity, and we have a proven track record of supporting our clients with highly automated solutions.”

The Boom in Regtech Space

Headquartered in London, Pirum was founded in 2000 as a securities lending post trade vendor. The company initially specialized in the reconciliation of open and pending securities lending trades and billing and later expanded services to other regulatory reporting areas that require automation like collateral services.

According to the company, it supports more than 180 financial institutions and service providers with its central automation hub. Additionally, Prium’s website highlights that it handles more than $3 trillion of transactions every day.

Meanwhile, the demand for regtech has increased significantly over the past few years with the changing regulatory landscape and globalization of the financial services industry. The industry generated $5.32 billion in revenue in 2019 and is expected to bring in $21.73 billion by 2027, growing at an annual rate of 19.5 percent.

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