Broadridge said on 6 November that its Distributed Ledger Repo platform processed an average of $345 billion in daily repo transactions in October, with volumes totaling $7.6 trillion. Read next to the company’s May and September releases, the figure gives finance and treasury teams a rare run of monthly numbers from one tokenized market, and it arrives while the ECB, the Swiss National Bank and DTCC each publish work on what should sit around that market.
What the three monthly releases say
Broadridge (NYSE: BR) has issued a volume release for its Distributed Ledger Repo platform, known as DLR, in the early days of each month. Three of them are on its newsroom and wire, and they use the same two measures: the average daily volume, which the company abbreviates as ADV, and the monthly total.
- May 2026: an average of $362 billion a day and $7.2 trillion in total. Broadridge described the daily average as a 220% increase year over year.
- September 2026: an average of $359 billion a day and $7.5 trillion in total.
- October 2026: an average of $345 billion a day and $7.6 trillion in total.
Dividing each total by its daily average gives about 20 business days for May, 21 for September and 22 for October, which matches the number of working days in each month once US holidays are removed. That arithmetic is our own and appears in none of the releases. It explains why the October total is the largest of the three while its daily average is the smallest. The monthly total follows the length of the month, and the daily average is the better gauge of how much repo the platform handles on a typical day.
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On that gauge the platform has sat inside a band of $345 billion to $362 billion across the three months we read. Broadridge did not publish a year-over-year comparison for September or October, and the releases for the months between May and September are outside what we reviewed, so this piece does not claim a trend in either direction.
The company’s own language has shifted along with the numbers. In the September release, Horacio Barakat, Global Head of Digital Innovation at Broadridge, said “DLR has demonstrated that tokenized market infrastructure can operate at the scale and consistency required for core institutional activity”. In the October release he said DLR has laid the groundwork for the next phase of tokenization “as institutions increasingly shift their focus from exploring initial digital assets use cases to scaling these capabilities across their businesses”. The first sentence is about what the repo platform has proved. The second is about what the company wants to build on it.
DLR is the base for DLX
That next phase has a name. On 9 September Broadridge announced DLX, which it describes as a fully integrated, end-to-end tokenization and digital asset infrastructure platform. The release says DLX launches “with capabilities to connect to the DTCC Tokenization Service via Canton and other networks”, with broader use cases to be announced in due course.
The September launch release says DLX builds on DLR and extends tokenization infrastructure into a multi-asset platform for issuance, trading, settlement, servicing, custody, governance and distribution. It names bonds, equities, funds, private markets and money market instruments as the asset classes the platform supports. It also lists who is meant to use it: issuers, banks and broker dealers, asset managers, institutional investors and wealth management firms.
For a bank treasurer or a corporate finance team, the practical reading is narrower than that list. Repo is short-term secured borrowing, and the daily figure measures how much of it a single provider processes on a ledger rather than through conventional settlement chains. DLX is the company’s route from that one product to others, and the volume releases are now where it reports on the foundation. The October release says the total settled volume reflects “the continued scale of tokenized securities financing activity”.
Two neighboring pieces of this market structure are on this site: the UK set bank roles for its digital gilt, and J.P. Morgan bringing JPM Coin to Ethereum for institutional clients. Each addresses what a tokenized asset settles against.
What DTCC projects for the same activity
DTCC, the post-trade market infrastructure, published a research paper on 13 May titled Collateral Infrastructure for Tokenized Capital Markets, developed with Finadium. The paper examines how distributed ledger infrastructure such as DTCC’s Collateral AppChain could change the way collateral moves, including outside traditional market hours. DTCC says the Collateral AppChain is expected to go live in the fourth quarter of 2026.
Its findings are projections, and the release labels them as such. It says intraday repo “may reduce reliance on costly daylight overdrafts and overnight funding” by enabling secured, minute by minute funding on a digital ledger. The paper projects that intraday funding costs could be cut in half and free up significant capital at large dealer banks. It also says faster collateral movement can lower reported end of day exposures, potentially reducing liquidity coverage ratio requirements and counterparty credit risk charges.
Nadine Chakar, DTCC Managing Director and Global Head of Digital Assets, said “Digital assets represent the next phase of capital and liquidity optimization in global markets”. The paper also describes a benefit in stress periods, saying the ability to move tokenized assets across markets and time zones could reduce forced asset sales in volatile markets.
Two points matter for a reader sizing this up. The half-cost figure is a research projection from a DTCC paper, and DTCC words it as something that could happen. And the AppChain is a go-live target for the last quarter of this year, so it has no operating history to set beside the Broadridge volumes. Broadridge’s DLX release names the DTCC Tokenization Service as one of the places it connects, so the two efforts connect in the documents we read.
What central banks tested
The volume data covers one platform. The questions regulators and central banks are working on concern the cash leg and the connections between platforms.
The ECB’s Governing Council approved a two-track plan on 1 July 2025 for settling distributed ledger transactions in central bank money. The first track, Pontes, is a short-term offering that links DLT platforms to TARGET Services, and the Eurosystem said it plans to launch a pilot “by the end of the third quarter of 2026”. The second, Appia, is a long-term track that the ECB says will continue analyzing DLT-based solutions with public and private stakeholders. Both build on exploratory work between May and November 2024, in which 64 participants ran over 50 trials and experiments. We did not find a launch announcement for the Pontes pilot, so its status after the end of the third quarter is not confirmed in the sources we reviewed.
The Swiss National Bank published its own findings on 18 December 2025 in an economic note on the Helvetia pilot. The SNB ran test repo transactions involving tokenised assets and wholesale central bank digital currency, settled on distributed ledger infrastructure. Its summary says “The tests revealed that settlement of repos on a DLT-based infrastructure is feasible, and provided insights into the corresponding challenges”. It names three of them: market fragmentation, the need for enhanced collateral management capabilities, and the harmonisation of communication standards.
Those three items are where the Broadridge volume figures stop being the whole story. A platform can process hundreds of billions a day among its own participants and still face fragmentation across the wider market, because a counterparty that sits on a different ledger or uses a different messaging standard cannot be reached the same way. Pontes and the DTCC connection are two attempts to address it from different directions, one through central bank money and one through a shared collateral network.
What it means for the finance leader
Treasurers and funding desks have three practical things to take from the documents.
First, the volume claim is a vendor measure and should be read as one. The releases report what Broadridge’s platform processed, using the company’s own definitions, and none of them breaks the total down by participant, tenor or collateral type. A buyer comparing platforms needs those splits before using the headline number in a business case.
Second, the economics in the DTCC paper depend on intraday funding, which in turn depends on cash that can settle on a ledger at the same speed as the collateral. That is the Pontes question in Europe and the Helvetia question in Switzerland. Until those pieces are in production, the funding benefit stays a projection. Our earlier opinion piece on which record proves ownership of tokenised collateral at central counterparties raised the legal side of the same dependency.
Third, operations teams should ask about the SNB’s three challenges in vendor conversations. Collateral management capability and messaging standards are specific enough to put into a request for proposal: how a ledger-based position appears in the collateral system a firm already runs, and which message formats carry the instruction.
In our reading, the most useful thing the next two quarters will show is whether the daily average moves with the launch of DLX, the DTCC AppChain and the Pontes pilot, or stays inside its current band. Broadridge publishes the number monthly, so the answer will be public each month.
What to watch
- Broadridge’s November volume release, due in early December, and whether it adds participant or asset detail.
- DTCC’s Collateral AppChain go-live, targeted for the fourth quarter of 2026.
- Any ECB announcement on the Pontes pilot launch.
- The first named DLX connections beyond the DTCC Tokenization Service.
Source: Broadridge, Distributed Ledger Repo Processes $7.6 Trillion in October (PR Newswire)
