TAP PDF Reader

Launched in late 2019, Broadridge’s Trade Assignment Portal (TAP) is a centralised web-based utility offering a single electronic platform for processing of Mortgage-Backed Securities (MBS) trade assignments. Assignment of Trades (AOT) for MBS has always been labor-intensive, error-prone, costly, and inefficient for industry participants. TAP allows clients to electronically initiate, review, accept, and sign AOT requests using automated workflows and e-signatures.

The initial TAP offering required that the assignment originator be a member of the TAP network and initiate their assignments through the Broadridge portal for users to take advantage of the process automation. In Q1 2023, a new AI-based enhancement to the service will allow TAP clients to upload trade assignments they receive from mortgage lenders that are not users of the Broadridge TAP platform. This added functionality will greatly expand the universe of assignments that can be processed on the platform, increasing value for existing users and providing additional incentive for new broker/dealers and asset managers to join the network.

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Distributed Ledger Repo

Our agnostic platform integrates distributed ledger technology with your existing front- and back-office systems to streamline and simplify every operation. Instead of physically transferring collateral, the underlying security is immobilised with ownership maintained through smart contracts utilising a digital representation of collateral. Now you can mitigate operational and counter-party risk via a central repository of repo agreements and the simultaneous settlement of cash and securities.

Distributed Ledger Repo Use Cases

Intercompany Consolidated Box

• Eliminate the movements between entity specific free boxes at BNYM
• Track the ownership of the collateral as a replacement to the physical moves being made in the consolidated box
• Reduced clearing costs and fails through the elimination of collateral movement
• Reduced DLOD and capital buffer size through real-time settlement and optimal use of collateral

Sponsored Repo Consolidated Box

• Eliminate the open leg movements between the free box and omni box of the SR process at BNYM
• Track ownership of collateral as replacement to the physical moves
• Reduced clearing costs through the elimination of collateral movement
• Reduced TMPG charges through enhanced ability to cover short-side fails

HQLA / Reg Lock-up

• Optimise movement of collateral between entities
• Leverages DLR shell methodology and optimisation to ensure efficient use of collateral
• Collateral held away in segregated, no-lien account at BNYM
• Enhanced communication between impact and BNYM creates efficiency in collateral allocation

Learn more about Distributed Ledger Repo here

Watch the Video Transforming Repo Market Infrastructure (broadridge.com)