Broadridge Financial Solutions has brought Swiss bank UBS onto its blockchain-based repurchase agreement (repo) platform. 

With UBS, Broadridge now has 20 out of the 24 primary dealers on its fixed income platform, which it says processes $6 trillion in average daily volume. UBS is also the first bank partner that Broadridge has publicly announced. Repos are a form of secured short-term financing in which the borrower sells securities to an investor and agrees to buy them back at a specified date and price. Broadridge aims to lower the cost of repo activity by transferring the ownership of these securities via smart contracts."We look forward to the enhanced liquidity and reduction of risk that Broadridge's distributed ledger repo platform provides," Paul Chiappetta, director and chief operating officer of repo at UBS, said in a press release. "This partnership reinforces our overall digital strategy, leveraging new technologies aimed at reducing risk and improving efficiencies in the financial markets."