Financial services giant Broadridge is now facilitating $70 billion worth of repurchase agreements on the distributed ledger technology, called VMWare Blockchain, a 40% increase since February, according to German Soto-Sanchez, head of Broadridge’s corporate strategy. Users include Swiss bank UBS and Paris-based Société Générale.
By moving each step of the repo process, in which securities are purchased with an agreement from a third-party to repurchase them later, to the shared ledger, the $18 billion New York firm says it is saving customers $1 million for every 100,000 transactions they conduct. Repo transactions vary wildly at Broadridge, from as few as a thousand a day to as many as a million.
A video of Broadridge’s recent interview with Forbes is available at https://www.forbes.com/sites/digital-assets/2023/05/08/broadridge-now-conducts-70-billion-of-blockchain-repo-trades-per-day/