HSBC is the latest client to go live on Broadridge Financial Solutions’ newly launched repo solution, built on its distributed ledger (DLT) enabled repo platform.
It is the second entity to go live since the sponsored repo solution’s launch in early October.
Users are set to see significant reduction in settlement costs, as well as streamlined processes and enhanced operational efficiency and scalability.
John Farrell, Americas head of markets operations at HSBC, said: “Digitising our existing sponsored repo trade flow and seamlessly integrating it into Broadridge’s DLR tech stack empowers us to enhance efficiencies, mitigate risks of transaction failures, and significantly lower settlement costs.
“We are committed to exploring innovative avenues to reduce operational risks, and we believe this platform will be instrumental in achieving our objectives.”
Read more: UBS conducts cross-border intraday repo trade on Broadridge DLT platform
As the DLR platform grows – across the sell- and buy-side – a network effect is being set in motion, encompassing more transaction types and amplifying benefits.
In the repo sphere, Broadridge’s monthly volume captured $1 trillion dollars.
“This marks another significant milestone in our journey to revolutionise global repo market infrastructure, underscoring the immense value and transformative potential of DLR,” said Horacio Barakat, head of digital innovation at Broadridge. “We are equipping leading financial institutions with the capability to profoundly lower risks and operational expenses, while unlocking enhanced liquidity.”