Provable Markets receives approval for FINRA broker-dealer application

Following approval of its application in the US, Provable Markets has received permission to operate its alternative trading system Aurora.

Provable Markets has officially been accepted as a new member broker-dealer of the Financial Regulatory Authority (FINRA).

As part of the terms of its new member agreement, Provable Markets has received permission to operate Aurora, its alternative trading system (ATS).

To meet the last regulatory approval required to go live, Provable Markets has filed Form ATS with the Securities and Exchange Commission (SEC).

“As Provable Markets continues to thoughtfully and deliberately execute on the near and long term plans it set out a little under a year ago, we would be remiss if we did not emphasise the importance in reaching this milestone,” said Matt Cohen, co-founder and chief exeutive of Provable Markets.

“This was truly a team effort on all sides, and we thank FINRA for their diligence and constructive interaction during this process. As we have stated many times, we believe that 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.”

According to Provable Markets, the Aurora ATS looks to improve the standard for managing, trading and optimising collateral by offering subscribers access to pragmatic digital workflows to engage in securities lending, complex option block trades, and security-based swaps.

Aurora, in respect to securities lending, allows users to leverage Provable Markets’ position as an approved SFT submitter to the Depository Trust & Clear Corporation’s (DTCC) Securities Finance Transaction (STF) Service, which in turn provides current National Securities Clearing Corporation (NSCC) members and sponsored firms with access to central clearing.