The London Stock Exchange Group (LSEG) has acquired Veris’ post-trade processing business and associated intellectual property from Axoni. Financial details were not disclosed.
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Developed and operated by Axoni, the Veris Network is a post-trade voting and lifecycle management platform for equity swaps used by banks and asset managers.
The platform is designed to streamline the post-trade data reconciliation process and prevent cash flow disruptions by enabling counterparties to exchange and exchange data related to equity swaps, positions, trades and associated cash flows throughout the post-trade lifecycle compare.
Following the sale – subject to closing conditions – LSEG will own and operate the network after a transition period. Additional software to support post-trade processing in other derivative asset classes will also be transferred.
Greg Schvey, CEO of Axoni, says: “Over the past few years, we have worked closely with LSEG to develop our trade processing applications and believe they are the right partner to realize their growth potential.”