Provable Markets receives approval of FINRA broker-dealer application
03 November 2021 US
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Provable Markets announces its acceptance to become a member broker-dealer of the Financial Industry Regulatory Authority (FINRA).
The New York-based broker-dealer will be able to operate its alternative trading system (ATS), Aurora. The firm has filed Form ATS with the Securities and Exchange Commission (SEC), which is the last regulatory approval required before going live.
Aurora seeks to set a higher standard for managing, trading, and optimising collateral by offering subscribers access to digital workflows to engage in securities lending, option block trades, and security-based swaps.
It leverages Provable Markets’ role as an Approved SFT Submitter to the Depository Trust & Clearing Corporation’s (DTCC) Securities Finance Transaction (SFT) Service, providing National Securities Clearing Corporation (NSCC) members and sponsored firms the sole marketplace driven access point to central clearing.
The newly built platform is designed to offer flexible levels of integration and interoperability for various user needs while maximising efficiency for all.
Speaking on the announcement, Matt Cohen, co-founder and CEO of Provable Markets, says: “This was truly a team effort on all sides, and we thank FINRA for their diligence and constructive interaction during this process. We believe that thoughtful solutions for the markets and regulation are not diametrically opposed, and we are excited about this development's impact on our ability to provide meaningful and lasting improvements for all participants.”
The New York-based broker-dealer will be able to operate its alternative trading system (ATS), Aurora. The firm has filed Form ATS with the Securities and Exchange Commission (SEC), which is the last regulatory approval required before going live.
Aurora seeks to set a higher standard for managing, trading, and optimising collateral by offering subscribers access to digital workflows to engage in securities lending, option block trades, and security-based swaps.
It leverages Provable Markets’ role as an Approved SFT Submitter to the Depository Trust & Clearing Corporation’s (DTCC) Securities Finance Transaction (SFT) Service, providing National Securities Clearing Corporation (NSCC) members and sponsored firms the sole marketplace driven access point to central clearing.
The newly built platform is designed to offer flexible levels of integration and interoperability for various user needs while maximising efficiency for all.
Speaking on the announcement, Matt Cohen, co-founder and CEO of Provable Markets, says: “This was truly a team effort on all sides, and we thank FINRA for their diligence and constructive interaction during this process. We believe that thoughtful solutions for the markets and regulation are not diametrically opposed, and we are excited about this development's impact on our ability to provide meaningful and lasting improvements for all participants.”
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