Société Générale is the Latest Global Bank to join Broadridge's Distributed Ledger Repo Platform

Rhea-AI Summary

Société Générale has partnered with Broadridge Financial Solutions (NYSE:BR) to leverage its distributed ledger technology (DLT) repo platform, enhancing capital market operations. This initiative aims to digitize the global repo market, reducing risks and operational costs while improving liquidity. With this collaboration, Société Générale joins the expanding network on Broadridge's DLR platform, which processes over $8 trillion daily. This partnership supports Société Générale's strategy to innovate financial markets, specifically the $10 trillion bilateral repo market.

Positive

• Partnership with Broadridge enhances capital market operations.
• Utilization of DLT for reduced risk and operational costs.
• Expansion of DLR's participant network boosts liquidity.
• Broadridge processes over $8 trillion daily, showing strong infrastructure.

Negative

• None.

NEW YORK, June 30, 2022 /PRNewswire/ -- Leveraging the latest technology to further transform its capital market operations, Société Générale, is now live on the distributed ledger technology repo platform (DLR) created by global Fintech leader, Broadridge Financial Solutions, Inc. (NYSE:BR). The blockchain-enabled platform accelerates the digitization of the global repo market, empowering participants to realize immediate benefits of reduced risk and operational costs and enhanced liquidity. Société Générale's active engagement accelerates the expansion of DLR's participant network and builds on the platform's early success.   

"We are excited to leverage the operational efficiencies, benefit from real time visibility and have access to enhanced liquidity that Broadridge's distributed ledger repo platform provides," said Greg Zielinski, Chief Operating Officer, Société Générale Americas. "This partnership with Broadridge reinforces Société Générale's overall strategy by leveraging blockchain technology to reduce and improve efficiency in the financial markets – particularly the $10T global bilateral repo market."  

"Société Générale is an innovator in capital markets, and we're excited to welcome them onto to this award winning DLR platform," said Vijay Mayadas, President of Capital Markets at Broadridge. "Broadridge continues to drive the transformation of repo market infrastructure with the distributed ledger technology repo platform via the utilization of smart contracts to digitize the trade agreement between counterparties and leveraging digitized assets to reduce settlement cycles."

Built on Broadridge's leading fixed income platform that processes over $8T per day, DLR couples emerging distributed ledger and smart contract technology with existing operational account structure functionality, enabling real-time securities mobility in the repo market at scale. The rapid innovation in the repo markets will result in a more efficient market infrastructure and increased capital velocity.

About Broadridge

Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with $5 billion in revenues, provides the critical infrastructure that powers investing, corporate governance, and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers, and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than U.S. $9 trillion of equities, fixed income and other securities globally. A certified Great Place to Work®, Broadridge is part of the S&P 500® Index, employing over 13,000 associates in 21 countries. For more information about us please visit broadridge.com.

Investors:
Edings Thibault
Head of Investor Relations, Broadridge
+1 516-472-5129
Edings.Thibault@Broadridge.com

Media:
Gregg Rosenberg
Corporate Communications, Broadridge
+1 212-973-6966
Gregg.rosenberg@broadridge.com

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/societe-generale-is-the-latest-global-bank-to-join-broadridges-distributed-ledger-repo-platform-301579177.html

SOURCE Broadridge Financial Solutions, Inc.

FAQ

What does the partnership between Société Générale and Broadridge involve?

The partnership involves Société Générale leveraging Broadridge's distributed ledger technology repo platform to enhance capital market operations.

How does the DLT platform benefit the repo market?

The DLT platform reduces risks and operational costs while improving liquidity in the global repo market.

What is the significance of the $10 trillion bilateral repo market?

The $10 trillion bilateral repo market is a critical segment where the new DLT will help increase efficiency and capital velocity.

What is Broadridge's role in the financial market?

Broadridge provides critical infrastructure and technology solutions that drive business transformation in capital markets.

What is Broadridge's stock symbol?

Broadridge's stock symbol is BR.