Broadridge announces new trades on intraday repo platform
Latest news
Broadridge announces new trades on intraday repo platform 23 May 2023US Reporter: SFT
Image: stock.adobe.com/Siarhei
Broadridge has announced that DRW, Societe Generale and another Tier 1 bank have executed trades on its intraday repo platform.
This builds on the first cross-border repo trades conducted on the platform in early April, which were executed with UBS and a global Asian bank as counterparties.
This Distributed Ledger Repo (DLR) platform applies Digital Asset Modeling Language (DAML) to execute and settle repo trades on an intraday basis, while reducing the operating cost and risk associated with repo trading, according to the New-York based financial services and technology company. This brings the benefits of distributed ledger technology to repo trading, supporting around US$1 trillion in monthly volume.
Broadridge鈥檚 head of digital innovation Horacio Barakat says: 鈥淭he global expansion of our DLR platform across both sell-side and buy-side firms is fostering a network effect of increased benefits and additional use cases. Broadridge continues to transform global repo market infrastructure by building our network and working with leading financial institutions like DRW, and Societe Generale.鈥�
鈥淲e鈥檙e happy to be part of bringing a new trade type to the market that could help facilitate intraday liquidity needs,鈥� comments Greg Zielinski, COO of Societe Generale Americas. 鈥淏y meshing distributed ledger technology with existing market settlement infrastructure, we can help usher in new flexibility for our clients via a secure and compliant channel.鈥�
DRW chief operating officer Mark Wendland adds: 鈥淲e look forward to further developing the Intraday Repo Market, and we are excited to be part of this network. Intraday repo allows us added flexibility to manage liquidity and to help maximise use of capital, which was previously limited by technological barriers.鈥�
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one securities finance news source this
year, make sure it is your free subscription to Securities 麻豆影视传媒 Times
Image: stock.adobe.com/Siarhei 