HSBC goes live on the newly launched sponsored repo solution built on Broadridge’s DLT enabled Distributed Ledger Repo (DLR) platform.
Broadridge says the milestone represents a ‘major leap’ towards delivering substantial benefits to clients.
The firm aims to reduce settlement costs, streamline processes, enhance scalability and decrease operational risks through the use of distributed ledger technology (DLT) and smart contracts.
HSBC is the second client to go live since the launch of the sponsored repo solution in early October.
John Farrell, Americas head of markets operations at HSBC, says: “Digitising our existing sponsored repo trade flow and seamlessly integrating it into Broadridge’s DLR tech stack empowers us to enhance efficiencies, mitigate risks of transaction failures and significantly lower settlement costs.
“We are committed to exploring innovative avenues to reduce operational risks, and we believe this platform will be instrumental in achieving our objectives."
Horacio Barakat, head of digital innovation at Broadridge, comments: “We are delighted to announce the next phase of Broadridge’s ground breaking sponsored repo solution, which leverages distributed ledger technology to empower clients with operational efficiencies and substantial reductions in settlement costs.
“This marks another significant milestone in our journey to revolutionise global repo market infrastructure, underscoring the immense value and transformative potential of DLR. We are equipping leading financial institutions with the capability to lower risks and operational expenses, while unlocking enhanced liquidity.”
