UBS has successfully implemented Broadridge Financial Solutions Inc.'s (NYSE:BR) new sponsored repo solution, which is built on the Distributed Ledger Repo (DLR) platform. Announced on Monday, this is a significant step forward in delivering clients substantial settlement cost savings, operational simplification, scalability, and reduction of operational risks through the use of distributed ledger technology and smart contracts.
This sponsored repo solution marks the next phase in the rollout of Broadridge's DLR platform. The firm continues to build upon the initial success of the platform and is leveraging its growing expansion across the global repo community.
"By digitizing 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," said Christian Rasmussen, Head of Investment and Execution, Group Treasury UBS.
Horacio Barakat, Head of Digital Innovation at Broadridge, expressed his excitement about the launch of the new sponsored repo solution. He emphasized that it leverages distributed ledger technology to help clients achieve operational efficiencies and reduce settlement costs.
The global expansion of the DLR platform across both sell-side and buy-side firms enables a network effect of increased benefits and additional transaction types. Broadridge has emerged as a leader in bringing the benefits of distributed ledger capabilities to transform the global repo market, capturing $1 trillion dollars in monthly volume.
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