Federal Register #600-40

SEC Notice: LSEG Veris Platform Exemption Application for Clearing Agency Registration

This notice concerns the Securities and Exchange Commission's (SEC) review of LSEG Post Trade Services Limited's application for exemption from clearing agency registration for its Veris platform. - Government Buyer: - U.S. Securities and Exchange Commission (SEC) - Division of Trading and Markets - OEMs and Vendors: - LSEG Post Trade Services Limited (subsidiary of London Stock Exchange Group plc) - Axoni (original developer of Veris platform, referenced as predecessor) - Products/Services Requested: - Veris platform post-trade pairing, reconciliation, and lifecycle management service for equity security-based swaps (SBS) - Key features: - Trade matching - Data capture and reconciliation - Amendments, cancellation, affirmation - Account mapping, trade ordering, position calculation - Corporate action updates - Single-sided flow reconciliation - Electronic master confirm agreement - Authentication and permissions - Notably, the platform does NOT provide execution, settlement, or clearing services - Unique or Notable Requirements: - LSEG requests exemption from clearing agency registration, subject to operational risk and compliance conditions - The SEC is soliciting public comments on the application - No products or purchase quantities are being procured; this is a regulatory notice, not a procurement opportunity

Description

The Securities and Exchange Commission has filed an application for exemption from registration as a clearing agency by LSEG Post Trade Services Limited. The application concerns the Veris platform, a post-trade reconciliation and lifecycle management platform for transactions in equity security-based swaps (SBS), providing trade matching services by facilitating SBS contract management. The notice solicits comments from interested persons on the application and provides details about the platform's functionality, organization, and regulatory context. LSEG states that the Veris platform does not provide execution, settlement, or clearing functions, which occur outside the platform.

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