Pirum TradeConnect Marks Milestone with First Live Trades Executed by Citi
Pirum, a global leader in securities finance automation and collateral management, has announced a landmark achievement for its TradeConnect platform, with Citi executing the first live trades through the new pre-trade answer. The milestone marks the begin of a new era in automated, connected securities lending, with multiple major financial institutions now onboard and more in final implementation stages.
Developed in close collaboration with Citi and Pirum’s Design Partner Group (DPG) — which includes several top-tier global institutions — TradeConnect was conceived to create a future-proofed pre-trade operating model that enhances transparency, choice, and efficiency for market participants. The platform enables firms to connect in real time, whether bilaterally or via venues, through a single standardized link, laying the groundwork for a more unified and resilient global trading framework.
“We are delighted to be the first trading desk to borrow securities through Pirum TradeConnect,” said Philip Winter, Head of Securities Lending EMEA at Citi. “This milestone underscores Citi’s commitment to pioneering innovation. TradeConnect enhances our real-time counterparty connectivity and supports the continued growth of our Prime globally.”
Takeaway
Building a More Transparent and Standardized Pre-Trade Framework
The Design Partner Group (DPG), including Citi and other leading financial institutions, was formed to shape the direction of TradeConnect’s design and functionality. Together, they developed a model aimed at improving market access, fostering operational efficiency, and minimizing manual intervention in securities lending workflows.
TradeConnect allows participants to connect with counterparties through a single, API-driven channel that supports multiple trading venues and bilateral connections. The system’s architecture is built to support near-universal automation, achieving up to 99.9% straight-through processing (STP) across the lifecycle — from pre-trade through post-trade, collateral management, and regulatory reporting.
“Our DPG partners have been instrumental in bringing TradeConnect from concept to live operation,” said Ben Challice, CEO at Pirum. “From validating ahead designs to stress-testing prototypes and now executing the first live trades, this milestone is a testament to our shared vision for a more open and efficient securities lending ecosystem.”
Takeaway
Expanding Adoption and Industry Collaboration
Following Citi’s successful execution of the first trades, TradeConnect has entered daily use among ahead adopters, with additional DPG members in the final stages of onboarding. As new participants join the network, the network effect of shared standards and interoperability will amplify efficiencies and reduce fragmentation across the securities lending landscape.
TradeConnect’s architecture is designed not only to simplify connectivity but also to support regulatory transparency, , and facilitate more informed decision-making through data-driven insights. For both , the platform creates a level playing field that enhances competition and collaboration alike.
“This is a significant milestone for both Pirum and the wider industry,” Challice added. “We invite forward-thinking firms to join us in establishing a more open, secure, and standardized model for securities lending pre-trade. Together, we’re building the foundation for the next generation of automated finance.”
Takeaway
