Provable Markets is a New York-based broker-dealer and provider of vertically integrated alternative trading system (ATS), known as Aurora. The firm works to streamline trading workflows and enhance post-trade efficiency by offering features such as order matching, post-trade lifecycle management, as well as access to clearing through the Depository Trust & Clearing Corporation (DTCC).
Discussing the past, present, and future of Provable Markets, Matt Cohen, co-founder and CEO, Rachel Andreassian, head of product and market structure, Alec Rhodes, vice president of client solutions, Matthew Lilien, head of sales and business development, and Dan McGuiggin, director of business development, reflect on the previous year’s developments, the current securities finance market, and what is next for Provable Markets.
Entering a new year, how would you describe the current securities finance market from a Provable Markets standpoint?
Alec Rhodes: One of the perspectives we most frequently hear from our clients is that securities lending programmes continue to grow in both balance and revenue, yet are continually asked to ‘do more with less’. Whether that constraint is from a resourcing standpoint or a balance sheet usage standpoint, Provable Markets aims to be a key workflow accelerant.
Building on the matching capabilities we developed to support securities financing transactions (SFT) clearing, Provable launched our Marketplace product in 2025. The Marketplace is an all-purpose securities finance trading venue that utilises a modified continuous limit order book model — enabling significantly reduced time to execution and true straight-through processing. This approach allows traders to leverage a one-to-many trade flow, reaching all of their counterparties simultaneously, while still maintaining optionality for directed one-to-one flows across both bilateral and cleared settlement.
Whether it is order book-style trading flows, Financial Information eXchange (FIX) connectivity to reduce integration overhead, or balance sheet relief through access to the National Íø±¬³Ô¹Ï Clearing Corporation’s (NSCC’s) SFT programme, every foundational aspect of the Aurora platform is purpose-built to help our clients do more with less.
The firm announced a number of developments in 2025, including the addition of Matthew Lilien and Daniel McGuiggin. How do you both intend to shape the firm’s forward trajectory in your new respective roles?
Matthew Lilien: I am excited to join Provable Markets at such a pivotal moment in the firm’s evolution. The team has built an incredibly strong foundation over the years, and my role is to help accelerate our growth trajectory by bringing together relationships, sales disciplines, and leadership approaches that have served me well throughout my career.
My focus will be on driving sustainable platform growth across both our existing product suite and new offerings. This means establishing robust sales processes that scale, leveraging the deep industry relationships I have cultivated, and fostering a high-performing sales culture that aligns with Provable Markets’ values and long-term vision.
What excites me most is the opportunity to build on what is already here. The groundwork has been laid — now it is about channeling that momentum into systematic growth, expanding our market presence, and ensuring we are delivering exceptional value to our clients at every stage of their journey with us. With the talented team in place and the strategic developments the firm has announced this year, I see tremendous potential for Provable Markets to strengthen its position as a leader in the space.
Dan McGuiggin: Joining Provable Markets at this game-changing moment is incredibly exciting. Its unique take on approaching trade execution and forward thinking approach to being at the forefront of the NSCC SFT programme are key components of what drew me to joining them. I hope to bring the agent lender’s approach and mindset to the platform so that we continue to be a well rounded and versatile option for all to use. I am excited about what the future holds for us at Provable Markets.
Matt Cohen: The addition of Matt and Dan, as well as Alec on the client side earlier this year, provide us with the right people at the right time to help new and existing clients realise maximum value from our product offering. Most importantly, products and technology can make immeasurable improvements in workflows and efficiency, but that is nothing without the right people behind them. This market, like all markets, is ultimately built off trust and strong long-term relationships; and Matt and Dan could not be better additions to the team to foster that.
In 2025, Provable Markets expanded its network of partnerships to facilitate interoperable securities lending flows. Can you explore the significance of these advancements and any notable developments planned for 2026?
Rhodes: Provable has always approached our products and services through an infrastructure lens — recognising that seamless integration is often the highest hurdle to implementing innovative workflows. With that understanding, we know that connecting efficiently with the broader securities lending ecosystem is paramount to both our and our clients’ success.
In 2025, we made significant progress toward that goal. We expanded our relationship with FIS to offer straight-through processing for both Smartloan and Loanet, partnered with BetaNXT to deliver seamless operational flows for their clients participating in the NSCC SFT cleared programme, and collaborated with S&P Global to help mutual clients maximise their access to critical market data. Additionally, Andreassian co-chaired the FIX Íø±¬³Ô¹Ï Lending Working Group to help establish an industry-standard FIX protocol that our clients can now leverage through Provable’s FIX APIs.
Looking ahead to 2026, we are actively working with several additional infrastructure providers to further enhance the trading and post-trade experience for our clients.
Cohen: The partnership with BetaNXT was a datapoint of our strong belief that providers in the market infrastructure with complementary skillsets can provide real-value in working together for mutual clients. In this case, we were able to create a direct integration with one of the leading providers of back office infrastructure in the US for a seamless integration experience with our trading and post-trade solution. Over time, this partnership will grow as we enable further collaboration in our solutions.
As the industry navigates shifting regulatory requirements and potential for increased balance sheet constraints, can you explore how the firm offers clients a solution from both a technology standpoint and through connectivity to the NSCC SFT cleared programme?
Rachel Andreassian: As an approved submitter for the SFT clearing programme, Provable operates the interface for clients into the benefits of clearing SFTs through the NSCC. Our technology combines with DTCC’s thoughtful approach to the clearing programme to unlock benefits beyond the traditional novation of trades to a central counterparty. DTCC’s SFT programme — not dissimilar to the Treasury Clearing programme — will be a pivotal solution this year as market participants look to reduce their balance sheet constraints and realise the potential of doing so through the SFT programme trade’s repo-like structure.
Simultaneously, through Provable Market’s interface, participants can unlock streamlined workflows to elevate their use of the programme. The programme features real-time affirmation and a single shared ledger between all parties through Provable Markets — lender, borrower, and CCP — reducing many of the pain points of the market.
Founded in 2021, how does Provable Markets differentiate itself, and where will your focus be in the coming years?
Andreassian: Since inception, a key focal point of Provable Market’s offering has been building to scale — and we do not just mean our modern technology. We have designed our systems with flexibility-first to adapt to the changing needs of the securities financing market. Near term, we have our sights set on international markets, and we believe that growth will speak to our ability to create seamless workflows across different types of trading products and markets. We have laid a foundation of complimentary, light-weight products which seamlessly connect — featuring order and execution management, trade matching, post-trade lifecycle, data, and analytics — and we look forward to partnering with our clients to grow these solutions to meet their needs.
Cohen: From our founding, we have operated on two principles: firstly, innovate where it creates real value, and defer to what already works well — whether that is in our product design or in partnering with providers who do things right. Secondly, relationships matter. Our approach with clients is a mutual partnership focused on solving problems at scale.
The result is that in just a few years, we have built end-to-end market infrastructure from the DTCC level forward. While most know us for our NSCC work, which is gaining rapid momentum in early 2026, that entry point laid the foundation for what came next: our matching platform with its unique workflow and market data feedback loop, downstream settlement and subledger reporting, and now early-stage order management system (OMS) and regulatory reporting capabilities. This is not a collection of point solutions — it is a holistic platform that lets us solve more than just the problem of the moment.
2025 was about reaching equal footing from an internal tech perspective, and this year will be about rapid growth. Looking ahead, we will continue building out our OMS, settlement processing, and B&R capabilities, along with horizontal expansion into other asset classes at the venue level.
We know clients have options, and we think that is good for the market. We also believe we are strongly positioned — either directly or through partnership — to lead the industry forward.
We are excited about what is coming.
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Image: Provable Markets 