Broadridge Adds HSBC to Distributed Ledger Repo Platform

Broadridge Adds HSBC to Distributed Ledger Repo Platform

Time Stamp: November 15, 2023 11:28 AM
Broadridge Adds HSBC to Distributed Ledger Repo Platform PlatoBlockchain Data Intelligence. Vertical Search. Ai.

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 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 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
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.

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 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 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
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.

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