SL-x Trading Europe Ltd. (‘SL-x Trading’), the innovative new electronic marketplace in the securities borrowing and lending (SBL) market, announces today (Monday March 24) that the UK Financial Conduct Authority (FCA) has approved its application to commence operating as a multilateral trading facility (MTF), thus enabling SL-x to start its commercial operations across 17 European capital markets. Additionally, SL-x has recruited Christopher Fay as its Managing Director for Europe.
The successful completion of SL-x’s discussions with the FCA means that the company shortly will offer SBL market participants access to its unique online trading system, which will enable transactions to be centrally-cleared, thus creating significant operating cost savings by enabling participants to reduce the levels of capital they must hold to satisfy regulators, and to increase their trading efficiency. Initially centrally-cleared stock loans will be offered by SL-x to equity markets in Belgium, France, Germany, and the Netherlands, while an additional 13 European markets will be able also to trade via SL-x on a bilaterally-cleared basis. Later this year SL-x plans to extend its operations to include the UK, Switzerland, and the USA, subject to regulatory approval.
Announcing the FCA approval the co-founder and CEO of SL-x, Peter Fenichel, said – ‘This is an important day both for our young business and for the SBL market. Technology continues to transform the global capital markets industry, increasing operational efficiency and enabling managements to monitor and control risk much more efficiently, to the benefit of all market participants. Our operational launch marks the start of an exciting new era for the SBL market, and we look forward to working with our commercial partners to help them make the market one of the most efficient parts of the capital market industry.’
Joining SL-x’s senior executive management team is Christopher Fay, who becomes Managing Director for Europe with immediate effect. Mr.Fay has nearly 25 years’ experience in the capital markets industry, having worked for JP Morgan, Bank of New York, Merrill Lynch, and Wells Fargo.
Commenting on Mr.Fay’s appointment Mr. Fenichel said – ‘I am delighted that SL-x has attracted such a high calibre professional to join our team. He brings very relevant experience which I am sure will prove extremely valuable as we move SL-x from its start-up phase into a fully operational international capital markets business.’
Headquartered in the City of London, SL-x currently has offices also in New York. It was founded in 2011 by Peter Fenichel together with the current SL-x Chief Technology Officer, Nazaar Molokhia, and the current Chief Operating Officer, Hank Mlynarski. It is owned by its management and staff and by Palamon Capital, a UK-based private equity firm which specialises in investing in pan-European high-growth businesses.