Societe Generale conducts intraday repo trades on Broadridge DLT platform

abdelaziz Fathi

Societe Generale and another global tier 1 bank have successfully executed intraday repo transactions on Broadridge Financial Solutions’ blockchain-enabled Distributed Ledger Repo (DLR) platform.

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These recent transactions mark notable progress for Broadridge’s DLR platform, building on the momentum generated by the platform’s first intraday repo transaction in April 2023. By leveraging the expanding network of the global repo community, Broadridge provides a more streamlined solution for intraday liquidity management.

By facilitating these intraday repo transactions, Broadridge’s DLR platform offers enhanced efficiency and operational benefits to financial institutions. Launched in mid-2021, the enterprise solution has experienced remarkable growth since its introduction. Initially achieving an average weekly volume of $31 billion, the platform has since witnessed tremendous expansion. Currently, it handles a daily volume of $50 billion, resulting in an impressive monthly total of one trillion dollars.

“We’re happy to be part of bringing a new trade type to the market that could help facilitate intraday liquidity needs. By 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,” said Greg Zielinski, COO at Societe Generale Americas.

“The 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,” added Horacio Barakat, head of digital innovation at Broadridge.

Broadridge’s DLR platform is designed to revolutionize the global repo market by leveraging Digital Asset’s Modeling Language (DAML). It offers market participants a utility where they can agree, execute, and settle repo transactions, providing flexibility in settlement cycles based on counterparties’ requirements.

With the DLR platform, settlement velocity and collateral mobility are significantly increased, enabling intraday transactions. This advancement in settlement capabilities allows for more efficient utilization of intraday liquidity. Moreover, the platform reduces operational costs and mitigates risks associated with repo activities.

Broadridge’s leadership in bringing the benefits of distributed ledger technology to the global repo market continues to drive advancements, enhancing efficiency, reducing costs, and improving liquidity management for market participants. Despite these accomplishments, Broadridge’s DLR platform is still in its early stages. The platform’s potential for further development and expansion remains substantial.

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