LSEG Acquires Axoni’s Veris Network and Expands Post-Trade Processing Capabilities
The London Stock Exchange Group (LSEG) has acquired Axoni’s Veris post-trade reconciliation and lifecycle management platform, along with related intellectual property. Veris is widely used by banks and asset managers for equity swaps, streamlining post-trade data reconciliation and preventing cash flow breaks by allowing counterparties to share and compare data on swap deals, positions, trades, and cash flows throughout the post-trade lifecycle.
Following the completion of the sale, subject to closing conditions, LSEG will take ownership and operational control of the Veris network after a transition period. In addition, software supporting post-trade processing in other derivative asset classes will be transferred to LSEG, expanding its capabilities in the derivatives space.
Greg Schvey, CEO of Axoni, stated, “In recent years, we’ve worked closely with LSEG to develop our trade processing applications, and we’re confident they are the right partner to help realize the platform’s growth potential.”
The financial terms of the acquisition have not been disclosed.