鈥淭his is the first step in the transformation of the repo markets using smart contracts and distributed ledger technology,鈥 says Broadridge president of capital markets Vijay Mayadas
The firm unlocks access to global and local interbank markets for emerging markets and developing countries鈥 banks by providing credit guarantees to cover counterparty credit risk, utilising local currency assets as collateral
Panellists at the SFT Technology Symposium hailed newly-invigorated tailwinds for technology adoption in repo markets, although there is still significant headroom for growth
The sponsored cleared repo sector has climbed from approximately $30 billion in daily volume in early 2017 to a peak of over $525 billion in March 2019, with daily volumes in recent months consistently above $200 billion
The dealer-to-dealer electronic trading platform for fixed income markets says its European repo business, including sterling and euro transactions, produced two record-breaking months in a row in February and March