Broadridge has added UBS to its sponsored repo solution which is built on the firm’s Distributed Ledger Repo (DLR) platform.
The newly launched repo solution marks the launch of the next phase in the DLR platform rollout.
It is a “major step forward” according to Broadridge, which will continue to expand the network across the global repo community.
The platform aims to provide settlement cost reduction, process simplification, scalability, and reduce operational risks through the use of distributed ledger technology (DLT) and smart contracts.
Commenting on the announcement, Christian Rasmussen, head of investment and execution at Group Treasury UBS, says: “By digitising our existing sponsored repo trade flow and incorporating those trade flows into our DLR tech stack on Broadridge’s platform, we can increase efficiencies while reducing the risk of fails and lowering our settlement costs.
“We are always looking for innovative ways to reduce operational risks and believe this platform will help us accomplish our goals.”
Horacio Barakat, head of digital innovation at Broadridge, adds: “This is the latest milestone in executing on our vision of transforming global repo market infrastructure and further demonstrating the power and value creation of DLR.
“We are empowering leading financial institutions with the ability to dramatically lower risk and operating costs and see enhanced liquidity.”
