Provable Markets is proud to announce its acceptance as a new member broker-dealer of the Financial Industry Regulatory Authority (FINRA). Under the terms of its new member agreement, among other business lines, Provable Markets received permission to operate its alternative trading system (ATS), Aurora. The Firm has since promptly filed Form ATS with the Securities and Exchange Commission (SEC), which is the last regulatory approval required before going live.
“As Provable Markets continues to thoughtfully and deliberately execute on the near and long term plans it set out a little under a year ago, we would be remiss if we did not emphasize the importance in reaching this milestone,” said Matt Cohen, Co-Founder and CEO of Provable Markets. “This was truly a team effort on all sides, and we thank FINRA for their diligence and constructive interaction during this process. As we have stated many times, we believe that thoughtful solutions for the markets and regulation are not diametrically opposed, and we are excited about this development’s impact on our ability to provide meaningful and lasting improvements for all participants.”
The Aurora ATS seeks to set a higher standard for managing, trading, and optimizing collateral by offering subscribers access to pragmatic digital workflows to engage in securities lending, complex option block trades, and security-based swaps. Specific to securities lending, Aurora leverages Provable Markets’ role as an Approved SFT Submitter to the Depository Trust & Clearing Corporation’s (DTCC) Securities Finance Transaction (SFT) Service, providing National Securities Clearing Corporation (NSCC) members and sponsored firms the sole marketplace driven access point to central clearing. The newly built platform is designed to offer flexible levels of integration and interoperability for various user needs while maximizing efficiency for all.