The London Stock Exchange Group (LSEG) has acquired the Veris post-trade processing business and related intellectual property from Axoni. Financial terms were not disclosed.
Built and operated by Axoni, the Veris network is a post-trade reconciliation 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 breaks by enabling counterparties to share and compare data associated with equity swap deals, positions, trades, and related cash flows throughout the post-trade lifecycle.
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, Axoni, says: “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 realize its growth potential.”