Broadridge’s DLT repo volumes almost quadruple YoY
Average daily volumes on Broadridge’s distributed ledger repo (DLR) service reached US$354 billion in March, up 392% year-on-year (YoY) and 1% quarter-on-quarter (QoQ).
According to SIFMA, US primary dealer repo outstanding in March was US$4.8 trillion – up 19% YoY and 2% QoQ.
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A recent whitepaper sponsored by the company, published by Finadium, found that using intraday DLR could reduce liquidity buffer requirements. Analysing three large banks, the report stated that a 15% use of intraday DLR could reduce requirements by 8-17%.
Report author Josh Galper, managing principal at Finadium, stated, “Across all three institutions, engaging in intraday DLR repo with cash providers on the other side appears to generate enough capital, financing or liquidity savings to impact P&L, either in savings and/or revenue creation.
“Institutions will need to run their own analysis to determine where savings or profitability capture will occur on the balance sheet.”
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