The UK Financial Conduct Authority (FCA) has approved an application by SL-x Trading Europe to start operating as a multilateral trading facility, enabling it to commence its commercial operations across 17 European capital markets. SL-x has also recruited Christopher Fay as its managing director for Europe.
 
The company will shortly offer securities lending and borrowing market participants access to its online trading system, which will enable transactions to be centrally-cleared.

Initially, centrally-cleared stock loans will be offered to equity markets in Belgium, France, Germany and the Netherlands, while an additional 13 European markets will be able to trade via SL-x on a bilaterally-cleared basis. Later this year SL-x plans to extend its operations to include the UK, Switzerland and the US, subject to regulatory approval.
 
Co-founder and CEO Peter Fenichel said, “This is an important day both for our business and for the SBL market. Technology continues to transform the global capital markets industry, increasing operational efficiency and enabling managements to monitor and control risk much more efficiently. We look forward to working with our commercial partners to help them make the market one of the most efficient parts of the capital market industry.”
 
Fay has worked for nearly 25 years' experience in the capital markets industry, including working for JPMorgan, Bank of New York, Merrill Lynch and Wells Fargo.