DLT powered solution built on Broadridge's distributed ledger repo platform drives cost savings and reduces operational risk for clients
NEW YORK , Oct. 2, 2023 /PRNewswire/ -- Global Fintech leader Broadridge Financial Solutions, Inc. (NYSE:BR), today announced that UBS successfully went live on Broadridge's newly launched sponsored repo solution built on the DLT enabled Distributed Ledger Repo (DLR) platform. This sponsored repo solution marks the launch of the next phase in the rollout of Broadridge's DLR platform. Continuing to build on the initial success of the platform and leveraging the growing expansion of the network across the global repo community, this is a major step forward to providing clients with significant settlement cost savings, process simplification, scalability, and reduction of operational risks via distributed ledger technology and smart contracts.
"By digitizing our existing sponsored repo trade flow and incorporating those trade flows into our DLR tech stack on Broadridge's platform, we can increase efficiencies while reducing the risk of fails and lowering our settlement costs," said Christian Rasmussen , Head of Investment and Execution, Group Treasury UBS. "We are always looking for innovative ways to reduce operational risks and believe this platform will help us accomplish our goals."
"We are thrilled to announce the go live of BR's new sponsored repo solution, which leverages distributed ledger technology to help clients gain operational efficiencies and drive settlement cost reduction. This is the latest milestone in executing on our vision of transforming global repo market infrastructure and further demonstrating the power and value creation of DLR," said Horacio Barakat , Head of Digital Innovation at Broadridge. "We are empowering leading financial institutions with the ability to dramatically lower risk and operating costs and see enhanced liquidity."
The global expansion of the DLR platform across both sell-side and buy-side firms enables a network effect of increased benefits and additional transaction types. Broadridge is a leader in bringing the benefits of distributed ledger capabilities to transform the global repo market, capturing $1 trillion dollars in monthly volume.
Broadridge Financial Solutions (NYSE: BR), a global Fintech leader with more than $6 billion in revenues, provides the critical infrastructure that powers investing, corporate governance and communications to enable better financial lives. We deliver technology-driven solutions that drive business transformation for banks, broker-dealers, asset and wealth managers and public companies. Broadridge's infrastructure serves as a global communications hub enabling corporate governance by linking thousands of public companies and mutual funds to tens of millions of individual and institutional investors around the world. Our technology and operations platforms underpin the daily trading of more than U.S. $10 trillion of equities, fixed income and other securities globally. A certified Great Place to Work ® , Broadridge is part of the S&P 500 ® Index, employing over 14,000 associates in 21 countries.
For more information about us and what we can do for you, please visit www.broadridge.com .
Head of Investor Relations, Broadridge
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SOURCE Broadridge Financial Solutions, Inc.