Broadridge Financial Solutions, a fintech provider, has gone live with its its distributed ledger repo (DLR) platform. The launch comes after multiple pilots with sell-side and buy-side firms. DLR provides a single platform where market participants can agree, execute and settle repo transactions. DLR allows for the immobilisation of the underlying securities in the repo transactions, while transferring ownership via smart contracts executed on the platform. The platform’s functionality significantly reduces the operating cost and risk of all repo activity, including intraday, overnight and term repos, both on a bilateral and an intracompany basis and also reduces counterparty risk while increasing auditability. DLR utilises Daml smart contracts from Digital Asset as well as VMware Blockchain, a scalable distributed ledger platform. In the first week after launch, DLR processed USD31bn in average daily volume.
