Axoni, a provider of trade workflow applications and real-time data replication technology, announced the sale of its Veris post-trade processing business and related intellectual property to the London Stock Exchange Group (LSEG), a global provider of financial markets data and infrastructure.
The transaction remains subject to closing conditions and is “expected to complete in Q4 2024.”
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 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 that offers the easiest and most secure way to replicate data in real-time between institutions.”
As noted in the update, Axoni is a technology company that is focused on “specializing in coordination of data between institutions.”
Axoni’s HYDRA platform is said to enable rapid “deployment of critical financial networks and automated, real-time data replication across market participants.”
Founded back in 2017, the company has explained that it “serves banks, asset managers, hedge funds, and financial market infrastructure firms across the globe from offices in New York and London.”
