UBS Completes Intraday Repo Transaction Using Broadridge’s Blockchain Platform

<p class=”MsoNormal”>Broadridge
Financial Solutions, Inc. (<a href=”https://www.financemagnates.com/tag/broadridge/” target=”_blank” rel=”follow”>NYSE:BR</a>) announced today that UBS (<a href=”https://www.financemagnates.com/tag/ubs/” target=”_blank” rel=”follow”>NYSE:UBS</a>) has
successfully executed the first cross-border intraday repo transaction on
Broadridge’s Distributed Ledger Repo (DLR) platform. The transaction was
executed in cooperation with a ‘global Asian bank’ that was not
disclosed.</p><p>UBS Completes First
Intraday Repo Transaction on Broadridge’s Platform</p><p class=”MsoNormal”>This
milestone by UBS marks the launch of the next phase in the rollout of
Broadridge’s DLR platform and is a significant step forward in providing a more
efficient means of intraday <a href=”https://www.financemagnates.com/terms/l/liquidity/” class=”terms__main-term” id=”47c3bef3-27ee-4953-8504-159e1b829b33″>liquidity</a> management. </p><p class=”MsoNormal”>The global
expansion of the DLR platform across sell-side and buy-side firms creates a
network effect of increased benefits and additional transaction types.
Broadridge is a leader in bringing the advantages of distributed ledger
capabilities to the global repo market, capturing $1 trillion in monthly
volume.</p><p class=”MsoNormal”>Beatriz
Martin, UBS’s Group Treasurer, stated that intraday repo is crucial for managing
liquidity usage and enhancing funding capabilities with reduced operational
risk. UBS has established itself as an early adopter of the Distributed Ledger
platform.</p><p class=”MsoNormal”>According
to the latest data from February, Broadridge’s DLR platform processes $1
trillion worth of transactions each month. The service has been on the market
since mid-2021 and has grown to $50 billion in daily volumes since its
inception. <a href=”https://www.financemagnates.com/institutional-forex/ubs-joins-broadridges-distributed-ledger-repo-platform/” target=”_blank” rel=”follow”>UBS became one of the first members of the platform, joining in
August 2021</a>.</p><blockquote class=”twitter-tweet”><p lang=”en” dir=”ltr”>UBS Joins Broadridge’s Distributed Ledger Repo Platform <a href=”https://t.co/qlEctYEqfi”>https://t.co/qlEctYEqfi</a> <a href=”https://twitter.com/hashtag/Finance?src=hash&amp;ref_src=twsrc%5Etfw”>#Finance</a> <a href=”https://twitter.com/hashtag/News?src=hash&amp;ref_src=twsrc%5Etfw”>#News</a> <a href=”https://t.co/Uf5FTW7N29″>pic.twitter.com/Uf5FTW7N29</a></p>— Finance Magnates (@financemagnates) <a href=”https://twitter.com/financemagnates/status/1424720610064744453?ref_src=twsrc%5Etfw”>August 9, 2021</a></blockquote><p class=”MsoNormal”>The DLR platform
enables market participants to agree, execute, and settle repo transactions,
offering flexible <a href=”https://www.financemagnates.com/terms/s/settlement/” class=”terms__secondary-term” id=”2dc6d2c7-1626-4ecf-811e-4c1aabbdb280″>settlement</a> cycles based on counterparties’ needs. It
considerably increases settlement velocity and collateral mobility, making
intraday transactions possible, and reduces the operating cost and risk of all
repo activity, including overnight and term repos.</p><p class=”MsoNormal”>”This
is the next step in executing on our vision of transforming global repo market
infrastructure. We are empowering leading financial institutions like UBS with
the ability to dramatically lower risk and operating costs and see enhanced
liquidity,” Horacio Barakat, the Head of Digital Innovation at Broadridge,
commented.</p><p>Long List of Broadridge’s
Partners</p><p class=”MsoNormal”>In recent
months, Finance Magnates has repeatedly reported on new projects and
collaborations in which Broadridge is involved. In March, Broadridge partnered
with <a href=”https://www.financemagnates.com/institutional-forex/atlas-chooses-broadridge-for-enhanced-impact-investing-solutions/” target=”_blank” rel=”follow”>Atlas for enhanced impact investing solutions</a>, with <a href=”https://www.financemagnates.com/institutional-forex/broadridge-and-apex-silver-collaborate-to-enhance-tax-experience-for-wealth-managers/” target=”_blank” rel=”follow”>Apex Silver to enhance
tax experience</a> for wealth managers, and with <a href=”https://www.financemagnates.com/institutional-forex/cqg-and-broadridge-partner-to-offer-a-trading-technology-suite-for-institutional-customers/” target=”_blank” rel=”follow”>CQG to offer a trading technology
suite</a> for institutional customers.</p><p class=”MsoNormal”>In late
February, Broadridge announced that it was <a href=”https://www.financemagnates.com/executives/broadridge-strengthens-european-sales-team-hires-bunouf-and-aguilera/” target=”_blank” rel=”follow”>expanding its European sales team</a> by
hiring Guillaume Bunouf and Alvaro Del Pino Aguilera, who are responsible for
identifying growth opportunities in the Old Continent.</p><p class=”MsoNormal”>According
to the latest financial information released by Broadridge, the <a href=”https://www.financemagnates.com/institutional-forex/broadridge-sees-6-uptick-in-q2-fy23-recurring-revenue/” target=”_blank” rel=”follow”>company
generated $1.3 billion in revenue</a> in the last three months of 2022. In
addition, the recurring revenue increased by 6 percent to $840 million.</p>

This article was written by Damian Chmiel at www.financemagnates.com.