The first trade was executed on Aurora and centrally cleared and settled via the SFT Clearing Service. Thursday, October 6, 2022 and 2:26 PM ET
New York, October 11, 2022 /PRNewswire/ — Provable Markets announced that Aurora, the company’s SEC-registered Alternative Trading System (“ATS”), is the Depository Trust and Clearing Corporation’s (“DTCC”) securities financial trading (“SFT”) clearing service, which will be available this year. It was initially approved for operation by the SEC.
The first trade was executed on Aurora and centrally cleared and settled via the SFT Clearing Service. Thursday, October 6, 2022 and 2:26 PM ETProvable Markets leveraged integration with Fidelity Information Services (NYSE: FIS) to ensure that positions are accurately reflected in near real-time in both lenders’ and borrowers’ Loanet Books & Records systems.
Matthew Cohen, CEO of Provable Markets, said: We establish new standards of cooperation, coordination and teamwork among market infrastructure players to leverage their relative strengths for the ultimate benefit of our common customers. We will maintain a highly focused and sophisticated securities finance market structure that works in tandem with our peers. By furthering our commitment to being an independent, client-driven part of it, we are excited to continue to expand and grow this product. ”
Cloud-native Aurora is the first new ATS for securities finance in over a decade and is one of two approved SFT submitters and the only regulated access point for DTCC’s new service. Aurora leverages many of the structural nuances that the SFT Clearing Service brings to the market to provide users with a complete suite of features, from traditional workflows to orderbook-style functionality. In particular, Aurora will provide securities lending markets with a central order book-style approach, given the reduced operational and risk management burden that an authorized sender and his DTCC can provide to participants in conjunction with the service. Aim to bring the deal to the end.
“We are excited about the growing enthusiasm among market participants around Provable Markets and our current and future plans to maximize benefits such as SFT clearing services within the securities finance market. We look forward to consolidating, automating and scaling the platform in early 2023.”
Cohen concluded, “First and foremost, thank you to all of our partners, customers and everyone who has contributed to this milestone with their trust and confidence in our incredibly fast growing team. I will,” he added.
Provable Markets LLC New York A broker-dealer member of FINRA and SIPC, and operator of the cloud-native trading platform Aurora, which is registered with the U.S. Securities and Exchange Commission (SEC) as an Alternative Trading System (“ATS”).
For more information, see: provablemarkets.com or contact us [email protected].
Source Provable Markets LLC