Settle repo trades same-day on a shared ledger
Sector: Tertiary sector · Industry: Banking and financial services · Organisation: Broadridge Financial Solutions, Inc. · Maturity level: Production
Broadridge Financial Solutions operates Distributed Ledger Repo, a platform on which the repo trade, the collateral transfer and settlement are executed as a single atomic event. Participants including UBS and Société Générale use the platform in production; the collateral stays with the custodian while its digital representation moves on the ledger. According to the company, the platform processed an average of around USD 357 billion per day in June 2026, totalling some USD 7.5 trillion for the month.
Documentation status
- Project status: Production — In continuous production operation since its launch in mid-2021 with steadily increasing volume; since 2026, DLR data has also been made available via the Bloomberg Terminal.
- Evidence: Evidence medium
- Editorial review: pending
Description
Broadridge Financial Solutions operates a platform called Distributed Ledger Repo, on which banks execute repo transactions and the associated collateral transfer in a single process. In the traditional repo market, collateral is moved through custody chains, so trading and settlement occur at different times, creating corresponding counterparty and liquidity risks. On the shared platform, the collateral remains with the custodian while its digital representation is moved, making intraday transactions practicable.
Broadridge launched the platform in mid-2021 and shortly thereafter reached an average weekly volume of around 31 billion US dollars. The core technical feature is that repo transactions, collateral transfer, and settlement are executed as a single atomic, tokenised process and therefore cannot be separated. The underlying collateral does not leave the custodian; only its digital representation is moved, which leaves the legal framework intact and simultaneously enables genuine intraday repo. Active participants publicly confirmed include UBS and Société Générale. According to the company, in June 2026 the platform processed an average of around 357 billion US dollars per day, equating to about 7.5 trillion US dollars per month; in December, the monthly volume was nearly nine trillion US dollars with a daily average of around 384 billion US dollars. Since 2026, DLR data has also been provided via the Bloomberg Terminal, making the platform visible to market participants who are not directly connected.
Perspectives
B2B — organisations perspective
For banks and asset managers, the platform means that collateral financing can be managed on a shorter-term basis and less liquidity is tied up for settlement buffers. At the same time, the case of institutions outside the repo market provides solid evidence that distributed ledgers are viable at the scale of core capital market business.
Employees perspective
In collateral management and securities settlement, manual instruction and reconciliation steps are eliminated, while monitoring tasks related to the ledger are added. Treasury functions must adjust their planning routines because collateral is now managed intraday rather than over several days.
Benefits
General
- Trading, collateral transfer, and settlement are combined in a single atomic process.
- The collateral remains with the custodian, so the legal framework remains unchanged.
- Intraday repo becomes operationally feasible rather than just theoretically possible.
- With monthly volumes in the trillion range, viability in core business is demonstrated.
B2B — organisations
- Reduced liquidity tied up for settlement buffers.
- Shorter-term and more precise management of collateral.
Employees
- Fewer manual instruction and reconciliation steps in the back office.
- A unified view of the collateral status for all parties involved.
Challenges
General
- The legal linkage between the custodied collateral and its digital representation must be robustly clarified in every jurisdiction.
- Integration into existing trading and collateral management systems of banks is complex.
- Volume figures change continuously and should be checked against the most current source before publication.
B2B — organisations
- The benefit depends on having enough counterparties connected.
Employees
- Treasury and back office must adjust their planning and control routines to intraday cycles.
Technology foundation
The platform is based on enterprise-grade distributed ledger technology that combines trading, collateral transfer, and settlement in a single atomic transaction. A distributed ledger is the crucial component here because counterparty and custodian must see the same state of the collateral for intraday repo to be possible without additional settlement risk.
Implementation examples
Distributed Ledger Repo in the institutional repo market
In the repo market, collateral is moved via custody chains, making bilateral transactions operationally complex, intraday repos practically unfeasible, and collateral movement and settlement occur with a time delay after trading.
Broadridge operates the Distributed Ledger Repo platform, where repo transactions, collateral transfer, and settlement are executed as an atomic process. UBS and Société Générale are publicly confirmed as active participants.
The platform launched in mid-2021 with an average weekly volume of around $31 billion and has grown continuously since. The underlying collateral remains with the custodian, while its tokenised representation is moved on the ledger, enabling true intraday repo. According to the company, volume in June 2026 averaged around $357 billion per day or about $7.5 trillion per month, and nearly $9 trillion monthly in December.
Started with around $31 billion weekly volume; June 2026 averaged around $357 billion per day and about $7.5 trillion per month; December nearly $9 trillion monthly volume with around $384 billion daily average.
Time lag between trading and settlement with corresponding counterparty and liquidity risk, high operational effort for bilateral repos, and the inability to represent intraday transactions.
Tags
Repo, Securities settlement, Tokenisation, Collateral management, Distributed ledger, Intraday liquidity