Provable Markets has struck an alliance with financial services technology provider FIS to provide seamless integration between Provable Markets’ SEC registered securities finance focused Alternative Trading System (ATS), Aurora, and FIS’ Securities Lending Processing Platform (SLPP) and related product suite (formerly known as Loanet).
The communications interface between the cloud-native Aurora and the FIS SLPP will allow for near real-time communication between the two systems, providing subscribers of the ATS the ability to participate in the The Depository Trust & Clearing Corporation (DTCC) forthcoming SFT Clearing Service with minimal disruption to current workflows at little to no cost. As a result, interested SFT Service participants can onboard and begin trading with little to no friction, reaping the benefits of Aurora’s modern and flexible architecture.
“What once took months, if not years, bogged down by long-term contracts and heavy internal burdens for onboarding can now be done in a matter of weeks, or even days, with this alliance. We are excited to see the industry collaborating to use its relative strengths to provide the market with more pragmatic solutions,” said Matthew Cohen, co-founder and CEO of Provable Markets.
With the SFT Clearing Service preparing to go live in Q2 of this year, NSCC members and sponsored access firms will be able centrally clear “locked-in” transactions for the first time through the worlds largest CCP. Aurora operates as the only regulated Approved SFT Submitter to this new service that offers an array of unique capital and operational benefits.