SEC Publishes LSEG's Application for Clearing-Agency Exemption

The Securities and Exchange Commission published a notice on August 31, 2026 (Federal Register Vol. 91, No. 167, pp. 55956-55961) that LSEG Post Trade Services Limited filed an application on Form CA-1 seeking an exemption from registration as a clearing agency under Section 17A of the Securities Exchange Act of 1934. The filing, originally submitted on August 8, 2024 by Schvey, Inc. d/b/a Axoni and later amended to reflect LSEG's October 2024 acquisition of the Veris platform, is identified as File No. 600-40, Release No. 34-106200, FR Doc No. 2026-17671.

The exemption request centers on the Veris platform, a post-trade reconciliation and lifecycle-management service for equity security-based swaps. LSEG describes the platform's capabilities - including data capture via API or FIX, trade-pairing, reconciliation, enrichment and real-time transparency of exceptions - while noting that all swaps are executed and settled outside the platform, meaning it does not act as a central counterparty.

The Commission is soliciting comments on the application; the comment period remains open until the SEC issues a determination. Because the request seeks an exemption, the timing requirements of Section 19(a) of the Exchange Act do not apply.

LSEG, organized under the laws of England and Wales and ultimately owned by London Stock Exchange Group plc, states that the Veris platform is already used by regulated financial institutions such as broker-dealers, banks, registered investment companies and private funds. Access is limited to entities that are registered and in good standing with a regulatory authority and that have the operational capacity to connect to the platform. The firm plans to migrate all customer software agreements to a standard uniform rulebook in 2026.

If the SEC grants the exemption, LSEG's customers would continue to receive post-trade services without the need to register as a clearing agency, preserving the regulatory relief previously provided under the 2011 temporary exemption that was terminated by Regulation SE in 2023.