Bi-lateral intraday repo trade executions
paving the way for broader adoption of repo for intraday
funding
NEW
YORK, May 23, 2023 /PRNewswire/ -- Global
Fintech leader Broadridge Financial Solutions, Inc. (NYSE: BR),
today announced that DRW, Societe Generale and another global tier
1 bank have successfully executed intraday repo transactions on
Broadridge's Distributed Ledger Repo (DLR) platform. These latest
transactions build on the momentum of DLR's first intraday repo
transaction in April 2023 and further
expands the network across the global repo community.
"We're happy to be part of bringing a new trade type to the
market that could help facilitate intraday liquidity needs." said
Greg Zielinski, COO, Societe
Generale Americas. "By meshing distributed ledger technology with
existing market settlement infrastructure, we can help usher in new
flexibility for our clients via a secure and compliant
channel."
"We look forward to further developing the Intraday Repo Market,
and we are excited to be part of this network," Mark Wendland, COO, DRW said. "Intraday repo
allows us added flexibility to manage liquidity and help maximize
use of capital, which was previously limited by technological
barriers."
"The global expansion of our DLR platform across both sell-side
and buy-side firms is fostering a network effect of increased
benefits and additional use cases," said Horacio Barakat, Head of Digital Innovation at
Broadridge. "Broadridge continues to transform global repo market
infrastructure by building our network and working with leading
financial institutions like DRW, and Societe Generale."
The DLR platform, which leverages Digital Asset's Modeling
Language (DAML), provides a utility where market participants can
agree, execute, and settle repo transactions, providing flexible
settlement cycles based on counterparties' needs. The DLR 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 and enhances
intraday liquidity management. Broadridge is a leader in
bringing the benefits of distributed ledger technology to the
global repo market, processing $1 trillion
dollars in monthly volume.
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.
About DRW
DRW is a diversified trading firm with decades of experience
bringing sophisticated technology and exceptional people together
to operate in markets around the world. Headquartered in
Chicago with offices around the
globe, we trade a number of asset classes, including Fixed Income,
ETFs, Equities, FX, Commodities and Energy. We also utilize our
trading and risk management expertise via three subsidiaries:
Cumberland, which focuses on
cryptoassets, DRWVC, which invests in a number of fintech and
enterprise tech firms, and Convexity, our real estate investment
arm.
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.