Société Générale joins Broadridge’s DLR platform
29 June 2022 UK
Image: kugelwolf/stock.adobe.com
Société Générale has gone live on Broadridge’s distributed ledger technology repo platform (DLR) to further transform its capital markets operations.
The blockchain-enabled platform aims to accelerate the digitisation of the global repo market to reduce risk and operational costs and enhance liquidity.
Broadridge launched its DLR platform in June 2021 and this executed US$25 billion in average daily volume during the first week of the go-live date.
Built on Broadridge’s fixed income platform that processes over US$8 trillion per day, DLR couples emerging distributed ledger and smart contract technology with existing operational account structure functionality.
This enables real-time securities mobility in the repo market at scale. The innovation of the repo markets will result in a more efficient market infrastructure and increased capital velocity, according to Broadridge.
Commenting on the announcement, Greg Zielinski, chief operating officer at Société Générale Americas, says: “We are excited to leverage the operational efficiencies, benefit from real time visibility and have access to enhanced liquidity that Broadridge’s distributed ledger repo platform provides.
“This partnership with Broadridge reinforces Société Générale’s overall strategy by leveraging blockchain technology to reduce and improve efficiency in the financial markets – particularly the US$10 trillion global bilateral repo market.”
Vijay Mayadas, president of capital markets at Broadridge, adds: “Société Générale is an innovator in capital markets, and we are excited to welcome them onto this DLR platform.
“Broadridge continues to drive the transformation of repo market infrastructure with the distributed ledger technology repo platform via the utilisation of smart contracts to digitise the trade agreement between counterparties and leveraging digitised assets to reduce settlement cycles.”
The blockchain-enabled platform aims to accelerate the digitisation of the global repo market to reduce risk and operational costs and enhance liquidity.
Broadridge launched its DLR platform in June 2021 and this executed US$25 billion in average daily volume during the first week of the go-live date.
Built on Broadridge’s fixed income platform that processes over US$8 trillion per day, DLR couples emerging distributed ledger and smart contract technology with existing operational account structure functionality.
This enables real-time securities mobility in the repo market at scale. The innovation of the repo markets will result in a more efficient market infrastructure and increased capital velocity, according to Broadridge.
Commenting on the announcement, Greg Zielinski, chief operating officer at Société Générale Americas, says: “We are excited to leverage the operational efficiencies, benefit from real time visibility and have access to enhanced liquidity that Broadridge’s distributed ledger repo platform provides.
“This partnership with Broadridge reinforces Société Générale’s overall strategy by leveraging blockchain technology to reduce and improve efficiency in the financial markets – particularly the US$10 trillion global bilateral repo market.”
Vijay Mayadas, president of capital markets at Broadridge, adds: “Société Générale is an innovator in capital markets, and we are excited to welcome them onto this DLR platform.
“Broadridge continues to drive the transformation of repo market infrastructure with the distributed ledger technology repo platform via the utilisation of smart contracts to digitise the trade agreement between counterparties and leveraging digitised assets to reduce settlement cycles.”
NO FEE, NO RISK
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
100% ON RETURNS If you invest in only one securities finance news source this year, make sure it is your free subscription to Securities Finance Times
