Global financial markets data and infrastructure provider, the London Stock Exchange Group (LSEG), has acquired Axoni’s post-trade processing business, Veris.

Founded in 2017, Axoni is a provider of trade workflow applications and real-time data replication technology, serving banks, asset managers, hedge funds, and financial market infrastructure firms across the globe from offices in New York and London.

Launched by Axoni in 2020, the Veris network is a post-trade reconciliation and lifecycle management platform for equity swaps.

The business predominantly focuses on services including streamlining post-trade data reconciliation processes and preventing cash flow breaks by enabling counterparties to share and compare data related to equity swap deals, positions, trades, and cash flows throughout the post-trade lifecycle.

Since its inception, the platform has onboarded a number of well-known banks and asset managers, including BankRock, Citi, and Goldman Sachs.

With the deal, LSEG will own and operate the Veris network after a transition period. Additional software that aims to support post-trade processing in other derivative asset classes will also be transferred as part of the acquisition.

Following the transaction, Veris customers will continue to be able to access Hydra, Axoni’s data platform offering services to replicate data in real-time between institutions.

Chief executive at Axoni, Greg Schvey, said the acquisition represents “a step forward” in further modernising over-the-counter (OTC) derivative post-trade infrastructure.

“In recent years, we’ve partnered closely with LSEG to develop our trade processing applications and are confident they are the right party to help realise its growth potential,” he added.

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