Axoni onboards HSBC and UBS to DLT network for equity swaps

Rick Steves

HSBC and UBS will be able to drive more efficiency for their global Prime Finance clients in managing the life cycle of their equity swap transactions.

HSBC and UBS have deployed Axoni’s distributed ledger network for equity swaps which 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.

Going by the name of Veris, the DLT network for equity swaps was launched in 2020 and is being adopted by a growing group of both sell-side and buy-side industry participants.

Derivative workflows and cash flow matching

Veris not only supports derivative workflows between two counterparties, but can also be used for a single-sided workflow where one side manages 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.

In 2021, Veris introduced cash flow matching which allows participants to not only ensure synchronization on swap attributes, but subsequent cash flows as well. The two-pronged approach reduces operational burdens on settlement processes by ensuring the inputs and subsequent calculations are matched and agreed ahead of settlement.

Axoni innovating post-trade

Carl Forsberg, Head of Accounts at Axoni, commented: “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, added: “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, commented: “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.”

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