Broadridge Financial Solutions 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 for Societe Generale Americas, in a statement. “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 at DRW, said in a statement. “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, in a statement. “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, and processes $1 trillion in monthly volume.