UBS joins blockchain repo platform – Bits Media

Swiss financial giant UBS becomes the first bank, joined the blockchain platform for REPO transactions, developed by Broadridge.

Together with UBS, the number of major dealers on the Broadridge fixed income platform has grown to 20 of 24 maximally possible. According to the company's statement, The platform on average processes transactions on $6 TRLN per day. UBS also became the first partner bank, publicly announced by Broadridge.

REPO is a form of secured short -term financing, In which the borrower sells securities to the investor and agrees to redeem them back on a certain date and at the specified price.

Broadridge wants to reduce the value of repo operations by transferring ownership of these securities through smart contracts. Operational Director REPO UBS Paul Chippetta (Paul Chiappetta) stated:

“We look forward to increasing liquidity and risk reduction, that the repo platform on the blockchain provides. This partnership strengthens our general digital strategy for using new technologies, aimed at reducing risks and increasing efficiency in financial markets ".

IN 2017 year Broadridge together with JPMorgan banks, Northern Trust and Banco Santander successfully implemented a pilot project on a blockchain for voting shareholders by proxy.