HSBC and UBS Go Live On Axoni Equity Swaps Network


NEW YORK, June 21, 2022 /PRNewswire/ — Axoni announced today that HSBC and UBS are now live on Veris, Axoni’s distributed ledger network for equity swaps, joining a rapidly growing group of both sell-side and buy-side industry participants. Veris allows for all parties on a trade to match and confirm all trade terms upfront and remain synchronized on post-trade events such as amendments, positions, and cash flows through the lifecycle of the swap.

In addition to supporting derivative workflows between two counterparties, Veris can also be used for a single-sided workflow where one side to a trade can manage trades on the platform without their counterparty onboard yet. This can be used to match and manage allocation processes on trade date, standardize data, match cash flows and use the full suite of Veris’ equity swap lifecycle functionality.

Since launching in 2020, the Veris product has continued to evolve. Cash flow matching was introduced in 2021 helping solve a key operational pain point throughout the swap lifecycle. The cash flow matching functionality allows for participants to not only ensure synchronization on swap attributes, but subsequent cash flows as well. The two-pronged approach significantly reduces operational burdens on settlement processes by ensuring the inputs and subsequent calculations are matched and agreed ahead of settlement.

Carl Forsberg, Head of Accounts at Axoni said, “These firms have been instrumental in evolving the Veris product as innovative partners committed to improving what is possible in post-trade. Their strong client franchise particularly in Europe and Asia will help ensure that Veris becomes a truly global solution. We are excited to continue to partner as we scale the network.”

Loic Lebrun, Global Head of Prime Finance at HSBC, said, “Through our partnership with Axoni, we’re pleased HSBC is now live on the Veris platform. Its distributed ledger technology will help to drive more efficiency for our global Prime Finance clients in managing the life cycle of their equity swap transactions.”

Natalie Horton, Global Head of Capital Markets Financing at UBS, said, “UBS is delighted to be live on the Veris platform. By joining the network, we can seamlessly engage with our clients, drive consistency in our offering, and reduce operational risk. The technical innovation and thought leadership brought by the Axoni team plays a transformational role in our industry and we look forward to our continued partnership as the platform evolves.”

About Axoni

Axoni is a capital markets technology company that specializes in multiparty data and workflows. Their products include core data infrastructure, application development, and automation tools. Axoni’s technology is used across global capital markets by the world’s leading banks, asset managers, and infrastructure providers.

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