06 September 2017
São Paulo
Reporter: Drew Nicol

Brazilian exchange smoothes post-trade systems with Pirum

The Brazilian stock exchange B3, formally BM&F Bovespa, has streamlined its post-trade services to improve file standardisation.

The post-trade integration (IPN) project was completed on 28 August 2017 via B3's IMBARQ trade file.

A Pirum spokesperson said: “The IPN project overhaul of B3’s trade reporting process via the IMBARQ file offered an opportunity for Pirum to work with its clients and the new files generated by the exchange to standardise the reconciliation process for Brazilian stock lending activity.”

Pirum was already established in providing its clients with Brazilian trade reconciliations for a number of years prior to the IPN upgrade, with clients historically reliant on bespoke trade files sourced from their local custodians.

The new file standardisation enables Pirum to expand its offering of Brazilian trade reconciliations without the challenge of associated custodian file nuances.

The move to the IMBARQ trade file comes as part of a comprehensive overhaul of B3’s post-trade system, which will see its four clearinghouses consolidated into a single entity.

B3 is the product of the merger of Brazilian exchange BM&F Bovespa and Cetip, Latin America's largest depository for over-the-counter (OTC) securities and derivatives, in April.

B3 recently moved corporate bonds and equities lending to its new multi-asset clearing platform as part of the second phase of project.

Once complete, the platform will manage all equities, derivatives, government and corporate debt securities and foreign exchange activities.

Pirum added that it is ready to assist any clients not currently reconciling their Brazilian securities lending activity through its platform.

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