Global financial technology company Broadridge Financial Solutions announced that UBS and a global Asian bank have successfully executed a cross-border intraday repo transaction on its blockchain-enabled platform.

This intraday trade marks the launch of the next phase in the rollout of Broadridge’s Distributed Ledger Repo (DLR) platform.

This platform provides a utility where market participants can agree, execute, and settle repo transactions, providing flexible settlement cycles based on counterparts’ needs.

The DLT Repo platform significantly increases settlement velocity and collateral mobility, thus making intraday possible. The platform also reduces the operating cost and risk of all repo activity, including well as overnight and term repos.

“Intraday repo is a valuable tool to manage our liquidity usage and provides flexibility in our funding capabilities with reduced operational risk.

 

This accomplishment builds on the foundation we have established as an early adopter of the Distributed Ledger platform.”

said Beatriz Martin, UBS Group Treasurer.

“This is the next step in executing on our vision of transforming global repo market infrastructure.

 

We are empowering leading financial institutions like UBS with the ability to dramatically lower risk and operating costs and see enhanced liquidity.”

said Horacio Barakat, Head of Digital Innovation at Broadridge.

Featured image credit: Edited from Freepik