BBH Rolls Out Pirum’s Recalls Manager to Prepare Clients for the Shift to T+1 Settlement

Brown Brothers Harriman & Co. (BBH), a market-leading custodian and administrator, today announced that it has launched Recalls Manager from Pirum, the post-trade services fintech that has been at the heart of the securities finance industry for over two decades.

BBH adopted the Recalls Manager solution in an effort to reduce securities lending fails and leverage automation and real-time coverage, to promote a smooth transition to the shortened T+1 settlement cycle. Covering the full global post-trade lifecycle from issuance to closure, the benefits of the plug-and-play Recalls Manager solution include:

• Reduced fails, CSDR penalties and overdraft costs
  • Reduced operational costs
  • Mitigated buy-in risks
  • Increased trading desk capacity
  • Increased control and oversight

“We are pleased to partner with Pirum to further enhance our post-trade automation capabilities. Straight Through Processing (STP) across the full recall lifecycle is an important risk mitigant prior to North American markets moving to a T+1 settlement cycle in May. Expanding our capabilities in this area, and all post-trade processing, reduces operational friction with our borrowers, and allows us to better service our clients by reducing disruption to regular portfolio management activity”, said Sarah Holmes, BBH Principal and Global Head of Securities Lending.

This newest adoption of Pirum services deepens BBH and Pirum’s long-standing relationship. BBH has previously automated other aspects of the post-trade lifecycle with Pirum’s Trade Risk Manager and Corporate Actions solutions.

Jacob Koopmans, Chief Revenue Officer at Pirum, said: “We are delighted to work with BBH and help facilitate a seamless transition for their clients with our T+1 ready solution. By rolling out Recalls Manager well ahead of the incoming regulatory shift, BBH has yet again achieved a smooth continuation of its best-in-class client services and enhanced risk management oversight. In addition, BBH has freed up time and resources, which it can now redeploy to deliver even more value to its clients.”