Axoni, a provider of trade workflow applications and real-time data replication technology announced the sale of its Veris post-trade processing business to the London Stock Exchange Group (LSEG). The transaction is expected to complete in Q4 2024 and financial details were not disclosed in the announcement.
Axoni built and operates the Veris network, a post-trade reconciliation and lifecycle management platform for equity swaps. Axoni launched Veris in 2020 and has since onboarded leading banks and asset managers. Veris streamlines the post-trade data reconciliation process and prevents 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 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. Veris customers will continue to benefit from leveraging HYDRA, Axoni’s data platform to replicate data in real-time between institutions.
Greg Schvey, Axoni CEO, said in a statement: “This acquisition represents a significant step forward in our efforts to modernize 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 realize its growth potential.”