International Securities Exchange (ISE) has led a $34 million Preferred Stock investment round to support the AQS securities lending platform of Quadriserv.
AQS is operated by Automated Equity Finance Markets, Inc., a wholly owned subsidiary of Quadriserv. AQS matches lenders and borrowers in an exchange-like platform using automated liquidity and price discovery mechanisms.
In addition to its clearing agreement with OCC for domestic equities, Quadriserv has executed a letter of intent with Eurex Clearing, under which Eurex Clearing would provide its state-of-the art central counterparty services to Quadriserv’s AQS platform for European equities.
As part of the investment, Thomas Ascher, ISE’s Chief Strategy Officer, will join Quadriserv’s Board of Directors.
“This investment, led by securities exchange innovators and market leaders, demonstrates critical and widespread industry support for Quadriserv’s mission of bringing transparency and efficiency to the securities lending market,” says Thomas J. Perna, chief executive officer, Quadriserv.
“We are especially honored by our new relationship with ISE and Eurex Clearing, whose deep commitment to innovation and structural market improvements are principles our companies fundamentally share.”
“ISE’s strategic investment in Quadriserv underscores our focus on the development of market structure and technology that infuses new efficiencies and operational innovations into securities trading,” says Gary Katz, president and chief executive officer, ISE.
“We are firm believers that the AQS platform is a revolutionary solution that will dramatically improve the way securities lending transactions are executed and reported.”
“The additional financial and strategic resources committed by our investing partners have been carefully considered and are important to the successful widespread adoption of the AQS marketplace, as will be the guidance and counsel of Tom Ascher, whom we are delighted to welcome to our Board of Directors,” says Thomas Ascher, chief strategy officer, ISE.
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