Broadridge Successfully Completes Pilot of Blockchain-Based Bilateral Repo Solution

LAKE SUCCESS, N.Y., October 17, 2017 – Broadridge Financial Solutions, Inc. (NYSE:BR), announced today the successful completion of a pilot with Natixis and Societe Generale which leverages blockchain technology to enhance the operational efficiency and auditability of bilateral repurchase, or repo, agreements. 

The pilot utilizes distributed ledger technology 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. This new blockchain-enabled solution, which automates end-to-end processes, streamlines the repo agreement and confirmation processes, offers a faster and more accurate collateral substitution process, while eliminating time consuming manual interventions, and reduces counterparty risk while increasing auditability. 

“This latest blockchain-based initiative reflects our ongoing commitment to leading the development and implementation of innovative solutions that have the ability to make complex business processes in capital markets firms more secure, transparent and efficient,” said Vijay Mayadas, President of Global Fixed Income and Analytics at Broadridge. “Within the bilateral repo market, blockchain has shown that it can play an instrumental role in reducing operational cost and complexity.” 

“We are pleased to have partnered with Broadridge to initiate the bilateral repo Blockchain process. Our participation in this pilot displays Natixis’ strong commitment to leverage new technologies, aimed at reducing risk and improving efficiencies in the financial markets”, said Kevin Alexander, Head of Global Markets & Investment Banking Americas at Natixis.

“Proving the benefits of blockchain technology in the repo market lays the foundation for the development of broader collateral management solutions on blockchain,” said Jerry Friedhoff, Head of Broadridge’s Securities Finance and Collateral Management group. 

This application follows Broadridge, J.P. Morgan, Banco Santander, and Northern Trust’s recent, successful completion of a blockchain proof of concept with an issuer agent to enhance transparency in the proxy voting process. This is another example of Broadridge leveraging innovative technology to help clients and the industry get ahead of today’s challenges to capitalize on what’s next.

About Earthport

Earthport provides cross-border payment services to banks and businesses. Through a single relationship with Earthport, clients can seamlessly manage payments to almost any bank account in the world, reducing complexity to meet their customers’ evolving expectations of cost, speed and transparency. Earthport offers clients access to global payment capability in 190+ countries and territories, with local ACH options in 65+ countries, and an evolving suite of currencies and settlement options. Earthport continues to invest in the establishment of in-country bank partnerships across the world, bringing together its deep market and regulatory expertise in order to maintain compliant and commercially competitive services. The result – a trusted global payments network accessed via a single relationship, delivering significant cost and operating efficiencies for banks and businesses servicing high volumes of lower value payments. Headquartered in London with regional offices in New York, Dubai, Miami and Singapore, Earthport is a public company, traded on the London Stock Exchange (AIM: EPO) with an institutional investor base including World Bank IFC, Oppenheimer, Blackrock, Henderson.

Please visit http://www.earthport.com/ for more information.