SL-x confirms restructuring 24 September 2014London Reporter: Stephen Durham
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SL-x Technology has confirmed that it is reviewing its corporate strategy and restructuring its operations, citing “the slow transition" of the US and European stock lending marketplace from its current OTC (over the counter) structure to a CCP (centrally-cleared) structure.
During this review period, SL-x has temporarily suspended the operational introduction of new clients.
An official statement from SL-x explained: “We believe that the CCP structure is a critical component for SL-x, and thus there will be no change to our existing contractual relationships.”
“We further believe that our patented and innovative trading platform will assist greatly in this market’s transition, which will result in greater capital and operational efficiency for all participants.”
SL-x recently also applied to cancel its UK Financial Conduct Authority (FCA) authorisation as a multilateral trading facility, according to the FCA website.
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