Broadridge Financial Solutions has brought Swiss bank UBS onto its blockchain-based repurchase agreement (repo) platform.
- With UBS, Broadridge now has 20 out of the 24 primary dealers on its fixed income platform, which it says processes $6 trillion in average daily volume. UBS is also the first bank partner that Broadridge has publicly announced.
- Repos are a form of secured short-term financing in which the borrower sells securities to an investor and agrees to buy them back at a specified date and price. Broadridge aims to lower the cost of repo activity by transferring the ownership of these securities via smart contracts.
- “We look forward to the enhanced liquidity and reduction of risk that Broadridge’s distributed ledger repo platform provides,” Paul Chiappetta, director and chief operating officer of repo at UBS, said in a press release. “This partnership reinforces our overall digital strategy, leveraging new technologies aimed at reducing risk and improving efficiencies in the financial markets.”
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