What Provable Markets does

Provable Markets operates a regulated, cloud-native technology platform for the global securities finance market, built around its Aurora platform. Aurora comprises an SEC-registered Alternative Trading System (Aurora Marketplace) that provides order-based matching and multi-party order display for securities lending and borrowing, alongside Aurora Trade Manager, which handles the full post-trade lifecycle (marks, rerates, returns, recalls, buy-ins, corporate actions, and billing). The platform is complemented by connectivity to DTCC's NSCC central counterparty clearing service (which Provable Markets has been an Approved Trade Submitter to since 2021), 10c-1a regulatory reporting as an SEC-qualified Reporting Agent, and FIX, REST, and gRPC APIs supporting straight-through processing and integration with back-office books-and-records systems such as BetaNXT and BPS. The platform is SOC 2 Type II and ISO 27001 compliant, and was extended in March 2026 to cover corporate bonds in addition to equities. The company is headquartered in New York with an engineering office in Amsterdam.

The platform primarily serves institutional securities lending market participants: broker-dealers, hedge funds, asset managers, beneficial owners engaged in lending programs, prime brokers seeking CCP-cleared counterparty exposure, and fixed income participants. Customer use cases span front-office execution, middle-office lifecycle management, and back-office reconciliation, addressing pain points such as bilateral manual workflows, information leakage in pre-trade negotiations, operational breaks, and high integration costs against incumbent proprietary systems.

Provable Markets generates revenue through three primary streams: transaction-based fees from ATS trading activity on Aurora Marketplace, recurring subscription or licensing fees for the Aurora Trade Manager lifecycle management solution, and subscription-based fees for API and connectivity services to DTCC, NSCC, and counterparty systems. The company employs 11-50 staff and pursues an enterprise B2B sales motion requiring direct engagement and personalized demos; pricing is not publicly disclosed. The company completed an $8 million Series A in May 2024 led by Dialectic Capital Management with Inkef Capital and Anthemis.

Name

Provable Markets

Legal name

Provable Markets LLC

Website

https://provablemarkets.com

Company type

Private

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Provable Markets operates an SEC-registered Alternative Trading System and post-trade lifecycle platform (Aurora) for institutional securities lending and borrowing, serving broker-dealers, beneficial owners, prime brokers, and fixed income participants via NSCC clearing and FIX/REST/gRPC API connectivity.

Ownership category

akta.pro rank

Product category

Securities Lending Technology

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231), Securities and Commodity Exchanges (5232)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Execution Management Systems (EMS) & Smart Order Routing (SOR) Platforms (FSAFANAM)

akta.pro secondary industry

Algorithmic Trading & Execution Platforms (FSAFANAN)

Keywords

• Securities lending platform
• Alternative trading system
• Trade lifecycle management
• Central counterparty clearing
• Fixed income lending

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Technology or R&D, Personnel, Operations, Infrastructure, Marketing or Sales, Others

Revenue model

1. ATS Trading Fees: Transaction-based fees from operating the Aurora Alternative Trading System for securities finance marketplace trading, including order matching and execution services.
2. Trade Management Platform Subscription: Subscription or licensing fees for Aurora Trade Manager post-trade lifecycle management solution, providing ongoing access to automation and management tools.
3. API and Connectivity Services: Fees for proprietary and third-party API connectivity, integration services, and connectivity infrastructure to DTCC, NSCC, and counterparty systems.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

Provable Markets operates the Aurora platform, an SEC-registered Alternative Trading System (ATS) for securities finance. It provides order matching and execution via Aurora Marketplace, post-trade lifecycle management via Aurora Trade Manager, and NSCC CCP connectivity for central clearing of securities lending transactions. The offering serves broker-dealers, beneficial owners, prime brokers, and institutional participants in the equity and fixed income securities lending markets.

Product overview

Provable Markets operates as a technology provider for the securities lending market, offering a unified platform called Aurora comprising two primary modules: Aurora Marketplace for order-based trading/execution and Aurora Trade Manager for post-trade lifecycle management. The platform is complemented by NSCC CCP connectivity for central clearing and a 10c-1a Reporting Agent for regulatory compliance. Built on cloud-native architecture with open APIs (FIX, REST, gRPC), the platform serves front, middle, and back office needs across the $8TN+ securities finance market.

Differentiator

Problem solved

Functional benefit

Brands

• Aurora Marketplace: Novel order matching service designed to help clients lend their portfolio or borrow for needs more efficiently, featuring real-time automated matching engine, consolidated supply & demand, and order parameterization.
• Aurora Trade Manager

Products and services

• Aurora Marketplace A novel order matching service for securities lending, allowing participants to lend portfolio assets or borrow securities more efficiently through multi-party order display, real-time automated matching, consolidated supply and demand, and IOI-based interest sharing. Designed for broker-dealers, beneficial owners, hedge funds, asset managers, and institutional traders engaged in securities lending and borrowing.
• Aurora Trade Manager Trade lifecycle management solution supporting front, middle, and back office workflows for securities lending, including marks, rerates, returns, recalls, buy-ins, corporate action processing, billing, real-time status tracking, automated rate changes, and FINRA 17a-3 compliant reporting. Targets institutional securities lending participants and beneficial owners.
• CCP Connectivity (NSCC) Connectivity to the NSCC Central Counterparty (CCP) service enabling participants to submit securities financing transactions for central clearing. Delivers reduced counterparty risk weightings, expanded counterparty base, simplified documentation, and balance sheet savings. For securities lending market participants seeking enhanced credit profiles.
• 10c-1a Reporting Agent SEC Rule 10c-1a compliance reporting service that automatically reports covered securities loans to FINRA on behalf of covered persons. Supports both on-platform transactions and done-away transactions with required regulatory data fields. For broker-dealers and lenders required to comply with SEC Rule 10c-1a.

Quantifiable outcome

• Significant reductions in counterparty RWA and balance sheet through NSCC CCP participation
• +3 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature6 records

Partnerships

Five partnerships are on record, tiered strategic, major and core.

• DTCC Industry Working Group (Tokenization)strategicStrategic or Co-development Partner · 23 June 2026Participation in 50+ member industry working group for DTC's tokenization service, working through operational and technical workflows for tokenized securities in securities finance.
• S&P Global Market IntelligencemajorTechnology or Integration · 8 June 2026Integration of S&P Global Market Intelligence's securities finance data into Aurora platform. The integration embeds rate data into Provable Markets' order management system, enabling dynamic rate enrichment and enhanced analytics within existing trading workflows without referencing external systems.
• FIX Trading CommunitystrategicStrategic or Co-development Partner · 2 February 2026Member of FIX Trading Committee and Securities Lending Working Group where Head of Product Rachel Andreassian serves as co-chair. Contribution to unified trade execution practices and open-source FIX Protocol standards for securities lending.
• BetaNXTmajorTechnology or Integration · 23 June 2025Partnership to launch solution integrated with DTCC's NSCC Securities Financing Transaction Clearing Service. Joint go-to-market for clearing connectivity and lifecycle management integration.
• DTCCcoreTechnology or Integration · 30 June 2021Foundational partnership since 2021 for SFT Clearing Service. Provable Markets is an Approved Trade Submitter to DTCC's NSCC Securities Financing Transaction Clearing Service, providing clients access to CCP clearing for improved counterparty risk profiles and RWA reduction.

Scale indicators4 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• EquiLend: EquiLend operates the dominant global securities lending trading platform and post-trade services used by agent lenders, beneficial owners, and hedge funds. Direct competitor to Aurora Marketplace, with broader instrument coverage and a much larger installed base.
• Pirum: Pirum provides post-trade connectivity, collateral management, and reconciliation services for securities finance. It overlaps with Aurora Trade Manager's lifecycle management capabilities and serves the same institutional lending counterparties.

Emerging players

• HQLAx: HQLAx operates a DLT-based platform for securities lending collateral mobility, partnering with major custodians and Agent Lenders. Comparable emerging technology approach to securities finance workflow modernization with a focus on collateral transfers rather than order matching.
• CloudMargin: CloudMargin is a cloud-native collateral and margin management platform serving buy-side, sell-side, and CCP participants. Overlaps with Provable's lifecycle and CCP connectivity offerings for institutions managing securities finance exposures.
• AcadiaSoft: AcadiaSoft (now part of CME Group) provides collateral, margin, and reconciliation infrastructure used across derivatives and securities finance. Comparable post-trade workflow and integration with major clearing infrastructure including DTCC.
• MarketAxess: MarketAxess operates electronic trading platforms for fixed income, with growing adjacency to securities finance and portfolio trading. Comparable focus on electronifying fixed income workflows, similar to Provable's corporate bonds expansion.

Broad incumbents

• Broadridge Financial Solutions: Broadridge is a large incumbent in post-trade securities processing, proxy, and data services. Its securities finance processing capabilities overlap with Aurora Trade Manager but as part of a much broader technology portfolio.
• FIS Securities Finance: FIS provides enterprise technology for capital markets, including securities finance and securities lending processing platforms. Competes broadly with Aurora across front-, middle-, and back-office workflows for institutional participants.
• S&P Global Market Intelligence: S&P Global Market Intelligence is the leading securities finance data provider (DataLend) and a partner of Provable Markets. As a data and analytics incumbent, it sets benchmarks and integrates broadly with ATS and post-trade vendors in the same ecosystem.
• State Street Global Markets: State Street is a major custodian and agent lender that operates proprietary securities lending programs and platforms. Its agent lender business is both a potential customer and competitor to ATS-driven workflows for beneficial owners.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/provable-markets

Compliance7 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds3 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Provable Markets