Santander CIB executes programmable intraday repo trade with J.P. Morgan
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Santander CIB executes programmable intraday repo trade with J.P. Morgan 02 January 2025US Reporter: Daniel Tison
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Santander Corporate and Investment Banking (CIB) has announced its first programmable intraday repo transactions with J.P. Morgan via Digital Financing on the Kinexys Digital Assets platform.
Santander CIB acted as repo seller and J.P. Morgan as buyer in the euro and US dollar transactions — each with a nominal value of US$50 million, programmed to execute at a specific time and redeem after three hours.
In the case of the euro trade, Santander CIB was the first non-J.P. Morgan entity to execute a non-dollar intraday repo on Digital Financing.
“These types of transactions are only now viable at scale due to the development of the underlying blockchain technology and extensive legal work done by the world’s largest banks,” says Santander CIB. “As these new types of platforms come online, we expect to see the market develop significantly in the coming years.”
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