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UBS joins blockchain platform for repo transactions

UBS joins blockchain platform for repo transactions
Swiss financial giant UBS became the first bank to join Broadridge's blockchain-based repo platform.
Together with UBS, the number of major dealers on Broadridge's fixed-income platform has grown to 20 out of a maximum of 24. According to the company, the platform processes an average of $6 trillion in transactions per day. UBS was also the first partner bank to be publicly announced by Broadridge.
UBS joins blockchain platform for repo transactions

UBS joins blockchain platform for repo transactions

A repo is a form of secured short-term financing in which a borrower sells securities to an investor and agrees to repurchase them back on a specified date and at a specified price.
Broadridge wants to reduce the cost of repo transactions by transferring ownership of these securities through smart contracts. UBS repo chief operating officer Paul Chiappetta said:
"We look forward to the increased liquidity and risk mitigation that the blockchain repo platform provides. This partnership reinforces our overall digital strategy to leverage new technologies to reduce risk and improve efficiency in the financial markets."
In 2017, Broadridge worked with JPMorgan, Northern Trust and Banco Santander to successfully implement a blockchain pilot for proxy voting by shareholders.

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