Capital Markets / Repo

Canton Network Repo Market Expansion

Broadridge's Distributed Ledger Repo (DLR) runs on Canton infrastructure and processed an average of $351 billion of repo a day in August 2026, including intraday trades.

Summary

Broadridge Distributed Ledger Repo (DLR) is a platform where banks and dealers agree, execute and settle repo trades on a distributed ledger. It is built with Digital Asset's Daml and has run on Canton infrastructure since 2023. In August 2026 it processed $7.4 trillion, an average of $351 billion a day, according to Broadridge.

How it works

In 2023 DLR moved from VMware's blockchain to Canton. According to Digital Asset, it now processes all transactions via Canton infrastructure and participates in the Canton Network. On 23 May 2023 Broadridge announced that DRW, Societe Generale and another global tier-1 bank had executed intraday repo trades on the platform. On 2 September 2026 Broadridge widened eligible collateral from tokenized U.S. Treasuries to G7 government securities.

A repo is a short-term loan secured by securities. One side sells bonds and agrees to buy them back at a set price, usually the next day. Intraday repo shortens that to hours inside a single business day. On conventional rails the securities and cash legs move through separate systems on fixed settlement cycles, so a funding need that lasts a few hours is hard to meet with a repo. Mark Wendland of DRW said in 2023 that intraday repo gives "added flexibility to manage liquidity and help maximize use of capital, which was previously limited by technological barriers".

On DLR, the terms of each repo live in a Daml contract that both counterparties share. Both parties work from the same record, so there is nothing to reconcile after the fact. Digital Asset says the platform supports intraday, overnight, evergreen and term repos on a bilateral and intracompany basis. Broadridge's September 2026 release describes it as "synchronizing the movement of tokenized securities and cash in a single, coordinated transaction".

Volume is where DLR stands out among tokenization projects. Broadridge reported $7.5 trillion in June 2026, or $357 billion a day, with the daily average up 68% on a year earlier. In August it reported $7.4 trillion, or $351 billion a day across thousands of daily transactions. At that scale, DLR is part of how large dealers fund Treasury positions every day. It is past the pilot stage.

The collateral set is widening. Until September 2026 DLR supported tokenized U.S. Treasury collateral only. Adding G7 securities means dealers can finance non-U.S. government bonds on the same rails, and Broadridge says the platform now supports cross-border repo and collateral movements. The surrounding market is moving too. In April 2026 Broadridge and Digital Asset invested in HQLAᵡ, a collateral mobility platform that plans to migrate from R3's Corda to the Canton Network. Ledger Insights described DLR as complementary to it.

For a dealer, the gain is in the balance sheet. A repo that funds a morning need and unwinds the same afternoon ties up capital for hours, where an overnight trade or a full-day liquidity buffer ties it up for longer. The architecture of multi-currency repo on Canton is covered on a separate page. This page is about DLR as the market's working reference.

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