NEW
YORK, Nov. 15, 2023 /PRNewswire/ -- Further
expanding the network across the global repo market, Global Fintech
leader Broadridge Financial Solutions, Inc. (NYSE:BR), today
announced that HSBC is the next client to successfully go live on
the newly launched sponsored repo solution built on Broadridge's
DLT enabled Distributed Ledger Repo (DLR) platform. Leveraging the
platform's initial successes and harnessing its expanding network
within the global repo community, this milestone represents a major
leap towards delivering substantial benefits to clients. Through
distributed ledger technology and smart contracts, clients can
anticipate substantial reductions in settlement costs, streamlined
processes, enhanced scalability, and a marked decrease in
operational risks. HSBC is the second client to go live since the
launch of the sponsored repo solution in early October.
"Digitizing our existing sponsored repo trade flow and
seamlessly integrating it into Broadridge's DLR tech stack empowers
us to enhance efficiencies, mitigate risks of transaction failures,
and significantly lower settlement costs," said John Farrell, Americas Head of Markets
Operations, HSBC. "We are committed to exploring innovative avenues
to reduce operational risks, and we believe this platform will be
instrumental in achieving our objectives."
"We are delighted to announce the next phase of Broadridge's
groundbreaking sponsored repo solution, which leverages distributed
ledger technology to empower clients with operational efficiencies
and substantial reductions in settlement costs," said Horacio Barakat, Head of Digital Innovation at
Broadridge. "This marks another significant milestone in our
journey to revolutionize global repo market infrastructure,
underscoring the immense value and transformative potential of DLR.
We are equipping leading financial institutions with the capability
to profoundly lower risks and operational expenses, while unlocking
enhanced liquidity."
The global expansion of the DLR platform across both sell-side
and buy-side firms triggers a network effect, offering amplified
benefits and enabling a broader range of transaction types.
Broadridge continues to lead the charge in utilizing distributed
ledger capabilities to revolutionize the global repo market, with
monthly volume capturing $1 trillion
dollars.
About HSBC
HSBC Bank USA, National
Association (HSBC Bank USA, N.A.)
serves customers through Wealth and Personal Banking, Commercial
Banking, Private Banking, Global Banking, and Markets and
Securities Services. It operates Wealth Centers in: California; Washington, D.C.; Florida; New
Jersey; New York;
Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC
USA Inc., a wholly-owned
subsidiary of HSBC North America Holdings Inc. In the United States, deposit products are
offered by HSBC Bank USA, N.A.,
Member FDIC.
For more information, please visit:
https://www.us.hsbc.com/
About Broadridge
Broadridge Financial Solutions (NYSE: BR), a global Fintech
leader with more than $6 billion in
revenues, provides the critical infrastructure that powers
investing, corporate governance and communications to enable better
financial lives. We deliver technology-driven solutions that drive
business transformation for banks, broker-dealers, asset and wealth
managers and public companies. Broadridge's infrastructure serves
as a global communications hub enabling corporate governance by
linking thousands of public companies and mutual funds to tens of
millions of individual and institutional investors around the
world. Our technology and operations platforms underpin the daily
trading of more than U.S. $10
trillion of equities, fixed income and other securities
globally. A certified Great Place to Work®, Broadridge
is part of the S&P 500® Index, employing over 14,000
associates in 21 countries.
For more information about us and what we can do for you, please
visit www.broadridge.com.
Broadridge Contacts:
Investors:
Edings Thibault
Head of Investor Relations, Broadridge
broadridgeir@broadridge.com
Media:
Tina Wadhwa
Corporate Communications
Tina.Wadhwa@broadridge.com
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SOURCE Broadridge Financial Solutions, Inc.