Société Générale has become the latest global bank to join the distributed ledger repo platform (DLR) developed by fintech firm Broadridge Financial Solutions, Inc.
The blockchain-enabled platform accelerates the digitization of the global repo market, providing participants with immediate benefits of reduced risk and operational costs and enhanced liquidity. Société Générale’s active engagement speeds up the expansion of DLR’s participant network and builds on the platform’s early success.
Greg Zielinski, Chief Operating Officer, Société Générale Americas, said:
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 $10T global bilateral repo market.
Vijay Mayadas, President of Capital Markets at Broadridge, added:
Société Générale is an innovator in capital markets, and we’re excited to welcome them onto to this award winning DLR platform. Broadridge continues to drive the transformation of repo market infrastructure with the distributed ledger technology repo platform via the utilization of smart contracts to digitize the trade agreement between counterparties and leveraging digitized assets to reduce settlement cycles.
DLR is built on Broadridge’s fixed income platform that processes more than $8T per day. Emerging distributed ledger and smart contract technology coupled with existing operational account structure functionality, enables real-time securities mobility in the repo market at scale. According to Broadridge, this technology will result in a more efficient market infrastructure and increased capital velocity.
Earlier in May, Broadridge reported Q3 FY22 revenue up 10% to $1,534 million.