Broadridge Financial Solutions reported that its Distributed Ledger Repo (DLR) platform processed $8.0 trillion in repo transactions during July 2026, equivalent to a daily average volume (ADV) of $365 billion. The ADV figure represents a 28% increase year-on-year, the company said in a statement released on 10 August.

The numbers mark a notable milestone for institutional tokenised finance. DLR allows counterparties to settle repo transactions on distributed ledger infrastructure while continuing to operate within their existing trading and post-trade systems. The platform moves tokenised collateral between counterparties in real time, which the company says improves liquidity management and capital optimisation without requiring firms to rebuild established workflows from the ground up.

“Tokenization is increasingly becoming part of how institutions optimise liquidity and collateral management,” said Horacio Barakat, global head of digital innovation at Broadridge. “DLR continues to demonstrate that distributed ledger infrastructure can support the scale, reliability and interoperability required for core financing activity.”

Market context

The scale of DLR’s volumes sets it apart from most competitors in the tokenised market infrastructure space. Repo, as an overnight and short-dated secured lending market, is a logical beachhead for distributed ledger adoption: transactions are bilateral, standardised and high frequency, which means even marginal improvements in settlement efficiency and collateral mobility produce material operational savings at institutional scale.

Several other market infrastructure providers and banks are pursuing similar rails, including efforts by the Depository Trust and Clearing Corporation (DTCC) in the United States and various European central securities depositories experimenting with DLT-based settlement. The Bank of England and the European Central Bank have both indicated interest in wholesale central bank money settlement on distributed ledger infrastructure, which, if progressed, would further cement the commercial case for platforms like DLR.

Broadridge’s positioning is notable because DLR is not a greenfield product. It operates alongside the firm’s existing post-trade processing business, which handles over $18 trillion in daily trading across tokenised and traditional securities globally. That existing infrastructure relationship with major custodians, prime brokers and asset managers gives Broadridge a distribution advantage that pure-play tokenisation startups lack.

Regulatory path

The regulatory backdrop for tokenised repo is still forming. In the European Union, the DLT Pilot Regime, active since March 2023, provides a sandbox for market infrastructure operators to settle financial instruments on distributed ledger technology under a modified regulatory framework. In the UK, the Financial Markets Infrastructure Sandbox introduced under the Financial Services and Markets Act 2023 fulfils a comparable function. Neither regime has yet produced large-scale commercial volumes comparable to DLR’s figures, which are conducted under existing regulatory frameworks rather than sandbox arrangements. That distinction matters for institutional clients assessing counterparty and settlement risk.

The next milestones to watch include whether Broadridge discloses named institutional clients or counterparty counts, the geographic spread of July volumes, and whether the growth rate is sustained as base effects from earlier quarters begin to apply. Broadridge has also flagged broader tokenisation ambitions covering proxy voting, custody and digital asset post-trade infrastructure, suggesting DLR’s repo volumes are intended as proof of concept for a wider institutional digital assets platform.

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