UBS taps Broadridge for sponsored repo solution
UBS has gone live on Broadridge’s sponsored repo solution as the Swiss bank attempts to digitise its existing sponsored repo trade flows.
The newly-launched solution has been built through the US fintech’s distributed ledger repo (DLR) platform, which according to the company, provides clients with “significant settlement cost savings, process simplification, scalability and reduction of operational risks via distributed ledger technology (DLT) and smart contracts”.
The bank, which is one of Switzerland’s largest private banks and provides wealth management, investment banking and asset management services, is to integrate its newly-digitised trade flows into its DLR tech stack on Broadridge’s platform.
According to Christian Rasmussen, head of investment and execution, group treasury UBS, this integration will enable the bank to “increase efficiencies while reducing the risk of fails and lowering our settlement costs”.
Adding to this, Horacio Barakat, Broadridge’s head of digital innovation, claims that the solution’s launch demonstrates “the power and value creation of DLR” while the fintech, which is headquartered in New York, claims that its wider selection of technology and operations platforms underpin the trading of $10 trillion of equities, fixed income and other securities daily.