Swiss banking giant UBS has completed a cross-border intraday repo transaction on Broadridge Financial Solutions’ distributed ledger repo (DLR) platform.
The deal was executed jointly with a "global Asian bank", which Broadridge did not identify in its statement.
“Intraday repo is a valuable tool to manage our liquidity usage and provides flexibility in our funding capabilities with reduced operational risk,” says UBS group treasurer Beatriz Martin. “This accomplishment builds on the foundation we have established as an early adopter of the distributed ledger platform.”
The DLR platform provides a utility where market participants can agree, execute, and settle repo transactions, providing flexible settlement cycles based on counterparts’ needs.
“This is the next step in executing on our vision of transforming global repo market infrastructure,” says Horacio Barakat, head of digital innovation at Broadridge. “We are empowering leading financial institutions like UBS with the ability to dramatically lower risk and operating costs and see enhanced liquidity.”