UBS has joined the distributed ledger repo (DLR) platform launched by Broadridge Financial Solutions earlier this year. DLR provides a single platform where market participants can agree, execute and settle repo transactions. Under DLR, collateral can be detached from the trade agreement, while the cash remains off-chain. DLR allows for the immobilisation of the underlying securities in repo transactions, while transferring ownership via smart contracts executed on the platform. Broadridge says that DLR is averaging USD35bn in daily volume.
