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.