Broadridge and Fnality Launch Blockchain-Powered Repo Settlements

BROADRIDGE AND FNALITY UNLOCK BLOCKCHAIN-BASED REPO SETTLEMENTS

April 25, 2022

In a groundbreaking move, Broadridge Financial Solutions, a leading provider of financial technology and operations solutions, and Fnality International, a blockchain-based financial infrastructure company, have announced a collaboration to unlock blockchain-based repurchase agreements (repo) settlements.

The partnership, which leverages Fnality's blockchain technology, aims to transform the traditional repo settlement process by providing a secure, transparent, and efficient platform for settling repo transactions. This innovation is poised to revolutionize the $15 trillion repo market, which is a critical component of the global financial system.

The traditional repo settlement process is often cumbersome, involving multiple intermediaries, manual processing, and a significant reliance on paper-based documentation. By utilizing Fnality's blockchain technology, the partnership will enable the creation of a digital, decentralized, and tamper-evident record of repo transactions, reducing the risk of errors, fraud, and settlement delays.

"We are excited to collaborate with Fnality to bring this innovative solution to the market," said Timothy G. Gannon, President of Broadridge's Capital Markets Group. "Our combined expertise will help transform the repo settlement process, providing a more efficient, secure, and transparent platform for our clients."

Fnality's blockchain-based platform will enable Broadridge to provide its clients with a seamless, end-to-end experience for repo settlements, streamlining the process and reducing the risk of errors and disputes. This collaboration is expected to benefit a wide range of market participants, including banks, broker-dealers, and asset managers.

"We are thrilled to work with Broadridge to bring this groundbreaking technology to the repo market," said Steve Waters, CEO of Fnality International. "Our blockchain-based platform will provide a secure, transparent, and efficient solution for settling repo transactions, reducing costs and increasing confidence in the market."

The partnership is expected to go live in the coming months, with a phased rollout to the market. The collaboration marks a significant milestone in the development of blockchain-based solutions for the financial industry, and its impact is expected to be felt across the global financial system.