UBS Executes First Cross-Border Intraday Repo Trade on Broadridge Distributed Ledger Repo Platform

Rhea-AI Summary

Broadridge Financial Solutions (NYSE:BR) announced a significant milestone with UBS (NYSE:UBS) and a global Asian bank executing the first cross-border intraday repo transaction on its blockchain-enabled Distributed Ledger Repo (DLR) platform. This development enhances intraday liquidity management and reduces operational risk, marking a pivotal stage for the platform's expansion. Broadridge aims to transform the global repo market, capturing approximately $1 trillion in monthly volume. The DLR platform increases settlement speed and collateral mobility, offering increased efficiency for market participants.

Positive

• Execution of first cross-border intraday repo transaction demonstrates platform success.
• Broadridge captures approximately $1 trillion in monthly repo volume.
• Platform enhances liquidity management and reduces operational risks.

Negative

• None.

NEW YORK, April 3, 2023  /PRNewswire/ -- Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), today announced that UBS (NYSE:UBS) and a global Asian bank have successfully executed the first cross-border intraday repo transaction on Broadridge's blockchain enabled Distributed Ledger Repo (DLR) platform. This groundbreaking intraday trade marks the launch of the next phase in the rollout of Broadridge's DLR platform. Continuing to build on the initial success of the platform and leveraging the growing expansion of the network across the global repo community, this is a major step forward to providing a more efficient means of intraday liquidity management.

"Intraday repo is a valuable tool to manage our liquidity usage and provides flexibility in our funding capabilities with reduced operational risk," said Beatriz Martin, UBS Group Treasurer. "This accomplishment builds on the foundation we have established as an early adopter of the Distributed Ledger platform."

The global expansion of the platform across both sell-side and buy-side firms enables a network effect of increased benefits and additional transaction types. Broadridge is a leader in bringing the benefits of distributed ledger capabilities to transform the global repo market, capturing $1 trillion dollars in monthly volume.

"This is the next step in executing on our vision of transforming global repo market infrastructure," said Horacio Barakat, Head of Digital Innovation at Broadridge. "We are empowering leading financial institutions like UBS with the ability to dramatically lower risk and operating costs and see enhanced liquidity."

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.

About Broadridge

Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with more than $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 14,000 associates in 21 countries.

For more information about us and what we can do for you, please visit www.broadridge.com.

Broadridge Contacts:

Investors:
Edings Thibault
Head of Investor Relations, Broadridge
broadridgeir@broadridge.com

Media:
Tina Wadhwa
Corporate Communications
Tina.Wadhwa@broadridge.com

 

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SOURCE Broadridge Financial Solutions, Inc.

FAQ

What significant milestone did Broadridge and UBS achieve?

Broadridge and UBS executed the first cross-border intraday repo transaction on Broadridge's Distributed Ledger Repo platform.

How much monthly volume does Broadridge's DLR platform capture?

The DLR platform captures approximately $1 trillion in monthly repo volume.

What are the benefits of the Distributed Ledger Repo platform?

The platform enhances liquidity management, reduces operational risks, and increases settlement speed and collateral mobility.

When was the announcement made regarding the intraday repo transaction?

The announcement was made on April 3, 2023.