HSBC has become the second client to go live on repo solution by Broadridge's Distributed Ledger Technology (DLT), which was launched in October. The lender is leveraging DLT and smart contracts to achieve efficiency in its operations. According to the company, this reduces settlement costs, enhances scalability, and decreases operational risks.

Horacio Barakat, the Head of Digital Innovation at Broadridge, mentioned: "This marks another significant milestone in our journey to revolutionize global repo market infrastructure, underscoring the immense value and transformative potential of DLT. We are equipping financial institutions with the capability to lower risks and operational expenses while unlocking enhanced liquidity."

Broadridge Elevates Global Repo Markets

Broadridge has continued to utilize distributed ledger capabilities to enhance its global repo market. The company plans to support various transaction types, with its monthly volumes at $1 trillion.

Besides that, the NYSE-listed fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firm is tapping artificial intelligence technology (AI) to enhance its products and services. In October, Broadridge unveiled BondGPT+, a generative AI tool that aims to enhance how enterprise clients access and process complex bond data.

This new application, an enhancement of its predecessor BondGPT, combines OpenAI's GPT-4 technology with proprietary solutions from Broadridge's subsidiary, LTX. It allows enterprises to integrate their data, including third-party datasets, to ensure a secure approach to bond-related queries.

Jim Kwiatkowski, the CEO of LTX, highlighted the positive feedback received since the launch of BondGPT in June 2023: "Based on that feedback, we have moved quickly to incorporate clients' own data as well as a range of new features in the second generation of BondGPT."

Broadridge Embraces New Technologies

Additionally, LTX recently unveiled the Request for Quote (RFQ) protocol. This innovative platform combines pre-trade dealer selection analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term and liquidity aggregation to streamline the processing of larger trades. It achieves this by pooling responses from multiple dealers, thereby facilitating more efficient trade execution.

BondGPT+ provides a single natural language interface for professionals dealing with fixed income. Despite the growth in electronically traded volumes, larger trades in the credit markets have traditionally been executed bilaterally, Finance Magnates reported.

Building on this, LTX has developed the RFQ+ protocol, an evolution of the traditional RFQ system, built on client feedback and integrating the AI-powered BondGPT, which seeks to change this paradigm. This protocol is designed specifically to address the challenges inherent in executing large transactions in the credit market.