Natixis, Société Générale and Broadridge complete blockchain pilot
It’s blockchain news time!
Broadridge Financial Solutions, Natixis and Société Générale say they have “successfully completed” a pilot project that leverages blockchain technology for bilateral repurchase, or repo, agreements.
The pilot utilises distributed ledger technology (DLT) capabilities “to reduce operational risk for market participants by providing a secure record of repo trade details, reducing the need for reconciliation and removing obstacles to straight-through processing (STP)”, the participants say.
Vijay Mayadas, president of global fixed income and analytics at Broadridge, says the project has shown that blockchain “can play an instrumental role in reducing operational cost and complexity” within the bilateral repo market.
This pilot comes hot on the heels of another project – a proof of concept (PoC) by Broadridge, JP Morgan, Santander and Northern Trust to apply DLT to the proxy voting process.
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