Axoni sells post-trade technology business to LSEG
16 September 2024 UK
Image: stock.adobe.com/Aspernaut
Axoni has sold its Veris post-trade processing business and related intellectual property to the London Stock Exchange Group (LSEG).
Axoni launched the post-trade reconciliation and lifecycle management platform for equity swaps in 2020 and has since onboarded leading banks and asset managers.
Following the transaction, LSEG will own and operate the Veris network after a transition period. Additional software to support post-trade processing in other derivative asset classes will also be transferred as part of the transaction.
Greg Schvey, CEO of Axoni, says: “This acquisition represents a significant step forward in our efforts to modernise OTC derivative post-trade infrastructure. In recent years, we’ve partnered closely with LSEG to develop our trade processing applications and are confident they are the right party to help realise its growth potential.”
Axoni launched the post-trade reconciliation and lifecycle management platform for equity swaps in 2020 and has since onboarded leading banks and asset managers.
Following the transaction, LSEG will own and operate the Veris network after a transition period. Additional software to support post-trade processing in other derivative asset classes will also be transferred as part of the transaction.
Greg Schvey, CEO of Axoni, says: “This acquisition represents a significant step forward in our efforts to modernise OTC derivative post-trade infrastructure. In recent years, we’ve partnered closely with LSEG to develop our trade processing applications and are confident they are the right party to help realise its growth potential.”
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