Provable Markets facilitates the inaugural transaction on the DTCC's new SFT Clearing Service

The first trade was executed on Aurora, and centrally cleared and settled via the SFT Clearing Service on Thursday, October 6, 2022 at 2.26 pm ET

NEW YORK, Oct. 11, 2022 /PRNewswire/ -- Provable Markets is proud to announce that the Firm's SEC registered Alternative Trading System ("ATS"), Aurora, has successfully matched and processed the first ever securities lending transaction cleared through the Depository Trust and Clearing Corporation's ("DTCC") Securities Finance Transaction ("SFT") Clearing Service which was approved for operation earlier this year by the SEC.

The first trade was executed on Aurora, and centrally cleared and settled via the SFT Clearing Service on Thursday, October 6, 2022 at 2.26 pm ET. Provable Markets leveraged its integration with Fidelity Information Services (NYSE: FIS) to ensure that the positions were accurately reflected in Loanet Books & Records systems for both lender and borrower, in near-real time.

Matthew Cohen, CEO of Provable Markets, said: "We are beyond ecstatic to have facilitated the first ever transaction cleared through the DTCC's SFT Clearing Service. This was only made possible through tremendous work by the entire Provable team, along with, what we hope is the establishment of a new standard of cooperation, coordination, and teamwork among market infrastructure players to leverage relative strengths for the ultimate benefit of our shared customers. We remain hyper focused elevating securities finance market structure working in concert with our respective peers in all facets. The speed to market for this product is a testament to just that, and we are excited to continue to expand and grow this offering by furthering our commitment to being an open, independent, and client driven part of the broader ecosystem."

As the first new ATS for securities finance in over a decade, cloud-native Aurora is one of two Approved SFT Submitters for the DTCC's new Service, and the only regulated access point. Aurora provides a full suite of functionality for users, from traditional workflows, towards order book style functionality, leveraging many of the structural nuances the SFT Clearing Service provides the market. In particular, Aurora will seek to finally bring central order book style trading to the securities lending market given the reduced operational and risk management burdens that the Approved Submitter and DTCC can offer participants in coordination with the Service.

"We are excited about the growing enthusiasm among market participants around Provable Markets, and our existing and future plans to help maximize the benefits of the SFT Clearing Service and more within the securities finance market. We look forward to a busy end to the year, and early 2023 as we integrate, automate, and expand the platform."

Cohen added in closing, "Above all, we thank our partners, customers, and all those who contributed to this milestone by putting their trust and faith in our incredible and fast growing team."

Provable Markets LLC is a New York based broker-dealer member of FINRA and SIPC, and operator of cloud-native trading platform Aurora, which is Registered as an Alternative Trading System ("ATS") with the US Securities and Exchange Commission (SEC).

For more information, visit provablemarkets.com or contact [email protected].

SOURCE Provable Markets LLC

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