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Tier 1 Bank Accelerates Digital Journey With Innovative Blockchain-based DLR Solution

Increases Efficiency of Intracompany Trades

By digitalizing post-trade repo workflows, the bank gained operational efficiencies while reducing settlement costs.

Digitalizes Collateral Delivery Between Banking Entities

The bank leveraged Broadridge’s Distributed Ledger Repo (DLR) platform to digitalize its intracompany repo trade collateral, simplifying the settlement process and accelerating its digital journey.

Automates 15C3 Regulatory Process

DLR automates the 15c3 regulatory process by capturing regulatory requirements with a shell-based workflow, handling allocation matching, performing collateral valuation, and automating the collateral lockup process.

Decreases Potential for Trade Fails and Errors

The DLR platform automatically ensures that trade details are accurate, helping to decrease operational errors, failures, and related penalty charges.

Broadridge DLR: A Critical Step in a Bank's Digital Journey

A multinational investment bank and financial services company, took a significant and critical step in its digital transformation journey in 2021 by joining Broadridge’s innovative Distributed Ledger Repo (DLR) platform. As an early participant in the blockchain-enabled solution, the bank is already realizing the benefits of increased automation, reduced risk and operational costs, and enhanced liquidity.

The bank is using DLR to streamline its intracompany trades and automate its 15c3 regulatory process. The transformative solution uses blockchain technology to provide a secure record of repo trade details, which reduces the need for reconciliation, automates processes, and streamlines repo agreement and confirmation. The bank, which operates in 50 countries, will ultimately save millions of dollars in transaction fees.

The Benefits of Modernizing Legacy Processes

The bank, like many other global investment banks and financial services companies, executes tens of thousands of intracompany repo trades each day. Traditionally, the processing of each trade — which involves multiple parties, complex workflows, and manual reconciliations — is cumbersome, and the associated fees are significant.

This approach is not only inefficient, but it also inhibits visibility and liquidity across the company. For a financial giant, improving transparency into its cash positions can help the company make more strategic allocations in real time.

Blockchain and Smart Contracts Prove Transformational

The bank has prioritized its digital transformation, seeking out ways to reduce risk and improve its efficiencies in the financial markets. Broadridge’s DLR trading platform provides a two-inone solution that automates and streamlines both intracompany trading and 15c3 processes.

The blockchain-based solution enables the bank's entities to agree, settle, and execute their repo transactions in one place. It also provides a single view of the entire lifecycle of the transaction for everyone involved. The automated matching and settlement flows also eliminate potential discrepancies that would typically lead to failed trades.

Broadridge’s DLR application sits between the bank’s current front-office and fixed income back-office platforms, also provided by Broadridge. The DLR trading solution eliminates the need to exchange the underlying securities in the repo transactions. Instead, the platform transfers ownership between entities using smart contracts and by instructing the segregation of collateral.

For 15c3 trades, Broadridge DLR automates processes that were previously managed with manual workflows, which reduces risk and increases operational efficiency.

A New Era of Repo Trades

The bank has realized significant immediate benefits with this transformational solution. By automating intracompany repo trades and the 15c3 regulatory process with Broadridge’s DLR solution, it has:

  • Streamlined and simplified these processes
  • Enabled savings of up to $4 million in transaction costs each year
  • Reduced errors and trade fails related to manual workflows

The benefits provided by Broadridge DLR give the banking and financial services company an edge that helps it better compete on a global scale. And with blockchain-based DLR in place, the company’s digital transformation is racing ahead.

Core Benefits

  • Automates cumbersome manual processes related to 15c3 and intracompany trades
  • Minimizes risk due to simultaneous settlement of assets and immobilized collateral
  • Reduces settlement and transaction costs by optimizing the settlement process
  • Increases liquidity via improved transparency of repo trading activity

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