NEW YORK, Aug. 9, 2021 /PRNewswire/ -- Broadridge
Financial Solutions, Inc. (NYSE:BR), a global fintech leader,
today announced that UBS has joined its transformative distributed
ledger repo (DLR) platform. Early participants of the
blockchain-enabled platform are accelerating their digital journey
and realizing the significant and immediate benefits of reduced
risk and operational costs as well as enhanced liquidity. The
addition of UBS builds on the early platform success and
accelerates the expansion of the DLR network, leveraging
Broadridge's fixed income platform that processes over $6T in
average daily volume and includes 20 of the 24 primary
dealers.
"We look forward to the enhanced liquidity and reduction of risk
that Broadridge's distributed ledger repo platform provides," said
Paul Chiappetta, Americas Chief
Operating Officer of Group Treasury at UBS AG. "This partnership
reinforces our overall digital strategy, leveraging new
technologies aimed at reducing risk and improving efficiencies in
the financial markets."
DLR provides a single platform where market participants can
agree, execute and settle repo transactions. Under a digital repo
approach, collateral can be detached from the trade agreement,
while the cash remains off-chain. Furthermore, DLR allows for the
immobilization of the underlying securities in the repo
transactions, while transferring ownership via smart contracts
executed on the platform. The platform's functionality
significantly reduces the operating cost and risk of all repo
activity, including intraday, overnight and term repos, both on a
bilateral and intracompany basis and reduces counterparty risk
while increasing auditability.
"In the first weeks since launch, DLR has executed $35B in average daily volume – a testament to the
success of the platform, which we expect to continue to grow as
additional clients join the platform," said Vijay Mayadas, President of Capital Markets at
Broadridge. "We are excited to welcome UBS onto the platform and to
continue to bring significant benefits in the form of enhanced
liquidity, reduction of risk and operational efficiencies to our
clients and the industry."
About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech
leader with over $4.5 billion in
revenues, provides the critical infrastructure that powers
investing, corporate governance, and communications to enable
better financial lives. We deliver technology-driven solutions to
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. In
addition, Broadridge's technology and operations platforms underpin
the daily trading of on average more than U.S. $10 trillion of equities, fixed income and
other securities globally. A certified Great Place to Work®,
Broadridge is a part of the S&P 500® Index, employing over
12,000 associates in 21 countries.
For more information about us and what we can do for you, please
visit www.broadridge.com.
Investors: Edings Thibault
Head of Investor Relations, Broadridge
+1 516-472-5129
Edings.Thibault@Broadridge.com
Media:
Tina Wadhwa
Corporate Communications, Broadridge
+1 212-973-6164
Tina.wadhwa@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.