Financial Market Infrastructure: Collateral

Bank of England suggests reforms to bolster gilt repo market resilience amid international regulatory shifts

Collateral1595 words8 min read1 day ago

The Bank of England has outlined potential reforms to strengthen the UK gilt repo market, aligning with international efforts to mitigate systemic risks following the 2022 market upheaval and recent US regulatory developments.

The Bank of England (BoE) has recently released a discussion paper suggesting some possible steps to improve the resilience of the UK gilt repo market, which is a crucial part of the overall financial system. Developed carefully with input from the Financial Conduct Authority (FCA), HM Treasury, and the UK Debt Management Office (DMO), this paper aims to address vulnerabilities that became clear during the market upheaval in 2022 — especially after the sharp fall in British government bond prices following then-Prime Minister Liz Truss’s 'mini-budget'. That event really put a spotlight on systemic risks in the gilt repo market, leading the BoE’s Financial Policy Committee to look for ways to bolster market infrastructure and protect financial stability.

In the discussion document, two main reform options are outlined. The first focuses on increasing central clearing for gilt repo transactions, which would help to reduce counterparty credit risk and lessen the chance of forced unwinding of leveraged trades that could destabilize the market. The second option considers introducing minimum haircuts or margin requirements on repos that are not centrally cleared, with the goal of improving risk management in those cases. They’re also exploring other measures, such as better disclosures from public and private counterparties, as potential tools or complements to these reforms to help strengthen overall market resilience. The BoE is inviting feedback from market players and industry stakeholders by 28 November 2025, making it clear that any final measures will be developed jointly with other UK authorities and may involve further consultation.

Now, it’s pretty interesting — and not surprising, really — that these efforts are aligned with international regulatory developments, especially in the United States. For example, the Securities and Exchange Commission (SEC) has mandated central clearing for most repo and cash Treasury transactions by roughly mid-2027. These new rules, announced in December 2023, are meant to lower systemic risks in the massive $28.5 trillion U.S. Treasury market by boosting risk management for central counterparties and encouraging central clearing overall. However, the SEC has recently pushed back some key deadlines to June 2027, citing operational challenges and concerns from market participants. The BoE explicitly references these upcoming changes in their paper, placing their reforms within a broader international context aimed at stabilizing gilt repo markets.

All of this is part of a larger strategy to address vulnerabilities in government bond markets — which, let’s face it, are foundational to both financial stability and the broader economy. The BoE emphasizes that ensuring a resilient gilt repo market is pretty much essential to stopping shocks like those seen in 2022 from spiraling out of control again. Industry players have been given a heads-up about potential tighter regulations, especially after Deputy Governor Sarah Breeden’s early 2025 discussions about the need for structural reforms to reinforce market resilience.

As the consultation period unfolds, the BoE will be carefully considering all the responses before deciding what steps to take next. Given how interconnected government bond markets really are on a global scale, and considering how their reforms align with international trends, it’s likely that any new measures will have significant impacts on a range of market participants — including banks, asset managers, custodians, and clearing members operating in the UK’s gilt repo landscape.

It’s pretty interesting, right? The ongoing developments seem to reflect a concerted effort to make these markets safer, more transparent, and better prepared for shocks. I find it surprising that despite the international scope, each country’s approach can differ, but the ultimate goal seems very similar: stability and resilience. Well, we’ll have to wait and see what the final decisions will be, but it’s definitely a story worth watching.

References:
- Paragraph 1 — [1], [4], [7]
- Paragraph 2 — [1], [2], [4]
- Paragraph 3 — [1], [3], [5], [6]
- Paragraph 4 — [1], [3], [4], [7]

Source: Noah Wire Services

Verification / Sources

https://www.jdsupra.com/legalnews/boe-publishes-discussion-paper-on-4681895/ - Please view link - unable to able to access data
https://www.bankofengland.co.uk/news/2025/september/boe-launches-discussion-paper-seeking-views-on-measures-to-enhance-gilt-repo-market-resilience - On 4 September 2025, the Bank of England published a discussion paper exploring potential reforms to enhance the resilience of the UK government bond ('gilt') repo market. Developed in close consultation with the Financial Conduct Authority (FCA) and with input from HM Treasury and the UK Debt Management Office (DMO), the paper examines two primary options: increasing central clearing of gilt repo transactions and introducing minimum haircuts or margins on non-centrally cleared repos. The Bank is seeking feedback from market participants, the wider industry, and the public by 28 November 2025.
https://www.bankofengland.co.uk/paper/2025/discussion-paper/enhancing-the-resilience-of-the-gilt-repo-market - The Bank of England's discussion paper, published on 4 September 2025, aims to explore the effectiveness and impact of potential reforms to enhance the resilience of the UK gilt repo market. Developed in close consultation with the FCA and with input from HM Treasury and the UK DMO, the paper highlights the importance of government bond markets to financial stability and the real economy. It considers international developments, including the U.S. Securities and Exchange Commission's mandate for central clearing of most repo and cash US Treasury transactions by mid-2027.
https://www.reuters.com/sustainability/boards-policy-regulation/bank-england-sets-out-options-tighter-gilt-repo-rules-2025-09-04/ - On 4 September 2025, the Bank of England released proposals aimed at tightening regulations on gilt repo markets—financial tools that allow institutions to temporarily convert British government bonds into cash. This move follows significant market stress in 2022 due to the sharp decline in government bond prices after Prime Minister Liz Truss's 'mini-budget.' The BoE's Financial Policy Committee seeks to bolster market resilience to prevent such shocks from being exacerbated. Proposed reforms include increasing central clearing of gilt repos to mitigate counterparty risks and prevent disruptive unwinding of leveraged positions.
https://www.sec.gov/newsroom/press-releases/2023-247 - On 13 December 2023, the U.S. Securities and Exchange Commission (SEC) adopted rule changes to enhance risk management practices for central counterparties in the U.S. Treasury market and facilitate additional clearing of U.S. Treasury securities transactions. The rule changes update the membership standards required of covered clearing agencies for the U.S. Treasury market with respect to a member’s clearance and settlement of specified secondary market transactions. Additional rule changes are designed to reduce the risks faced by a clearing agency and incentivize and facilitate additional central clearing in the U.S. Treasury market.
https://www.reuters.com/markets/us/sec-extends-key-deadlines-us-treasury-clearing-rule-2025-02-26/ - The U.S. Securities and Exchange Commission (SEC) has delayed the implementation of new regulations aimed at reducing systemic risk in the $28.5 trillion U.S. Treasury market by one year. These rules, initially set to be phased in by June 2026, mandate the central clearing of some cash Treasury and repurchase agreements (repos). The decision stems from concerns raised by Wall Street trade associations about the potential risks and operational challenges of the original timeline. By postponing the deadlines, the SEC seeks to ensure a smoother implementation and address any operational issues.
https://www.bankofengland.co.uk/news/2025/may/boe-seeks-feedback-on-gilt-repo-reforms-breeden-says - The Bank of England (BoE) plans to consult the financial services industry on potential reforms aimed at bolstering the resilience of the gilt repo market, according to BoE Deputy Governor Sarah Breeden. This initiative follows the market turmoil in 2022 that was triggered by significant declines in British government bond prices after the 'mini-budget' introduced by then Prime Minister Liz Truss. The BoE's Financial Policy Committee had already identified the need to strengthen the gilt repo market in November. In a speech delivered at the annual meeting of the International Swaps and Derivatives Association in Amsterdam, Breeden announced that the BoE will launch a Discussion Paper later in 2025 to initiate dialogue with industry stakeholders on possible structural reforms.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 10

Notes: The narrative is based on a recent press release from the Bank of England, dated 4 September 2025, announcing the publication of a discussion paper on enhancing the resilience of the UK gilt repo market. (bankofengland.co.uk) This indicates high freshness, as the content is directly sourced from the latest official release.

Quotes check

Score: 10

Notes: The narrative includes direct quotes from Sarah Breeden, Deputy Governor for Financial Stability, as reported in the Bank of England's press release. (bankofengland.co.uk) These quotes are directly sourced from the official release, ensuring accuracy and originality.

Source reliability

Score: 10

Notes: The narrative is based on a press release from the Bank of England, a reputable and authoritative source. This enhances the reliability of the information presented.

Plausability check

Score: 10

Notes: The claims made in the narrative align with the Bank of England's official press release, which discusses potential measures to enhance the resilience of the UK gilt repo market. (bankofengland.co.uk) The information is consistent with known financial stability initiatives and is corroborated by the official source.

Overall assessment

Veredict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): HIGH

Summary: The narrative is based on a recent press release from the Bank of England, dated 4 September 2025, announcing the publication of a discussion paper on enhancing the resilience of the UK gilt repo market. (bankofengland.co.uk) The content is fresh, directly sourced from an authoritative institution, and the claims are plausible and consistent with the official release. Therefore, the overall assessment is a PASS with high confidence.

Latest in Collateral

Bank of England proposes reforms to bolster gilt repo market resilience amid systemic risks

Collateral1646 words8 min read1 day ago

The Bank of England launches a consultation on new measures to strengthen the resilience of the UK gilt repo market, aiming to address systemic vulnerabilities highlighted by past crises and align with international regulatory trends.The Bank of England has kicked off a substantial consultation through the release of a new discussion paper, which aims to strengthen the resilience of the UK gilt repo market—a key piece of the country’s financial setup. This effort was developed closely with the Financial Conduct Authority (FCA), and it also involved input from HM Treasury and the UK Debt Management Office. The paper basically puts forward two main reform options—one, to ramp up the central clearing of gilt repo transactions, and two, to set minimum haircuts or margin requirements on repos that aren’t cleared centrally. The consultation period runs until 28 November 2025, and they're encouraging responses to help shape what could happen next, which might involve more discussions or regulatory adjustments. The reason behind considering these measures is linked to insights from the Bank’s System-wide Exploratory Scenario, which highlights how vulnerable the market can be during stressful times—something we saw quite clearly during the gilt market crisis in 2022. Back then, liquidity dried up pretty fast in the long-dated and index-linked gilts, mainly because liability-driven investors sold off assets, creating a domino effect across derivatives and repo markets. This led to higher transaction costs, bigger price gaps, and revealed how constrained the dealer sector could become. Those events really shone a light on the systemic risks that are baked into the current structure of the gilt repo market, making it clear that boosting its resilience is pretty important. Now, looking at the first big idea in the paper—focusing on boosting central clearing—this actually aligns with global regulatory trends. For example, the US Securities and Exchange Commission (SEC) recently announced plans to make central clearing mandatory for most repo and cash Treasury transactions by the middle of 2027. Central clearing is generally seen as a way to reduce counterparty risk and make markets more transparent. The second idea tackles the risks tied to bilateral exposures—those direct agreements that, if not properly collateralized, can amplify shocks when markets are under stress. It proposes setting minimum haircuts or margins on non-centrally cleared repos, aiming to curb these kinds of risks. Apart from these core measures, the Bank is also exploring other options, like better public and private disclosures about counterparty exposures. These could either supplement, or even serve instead of, the main proposals—they’d give market players a clearer picture of risks involved, helping them manage their exposures more effectively. This whole initiative is part of a wider regulatory context. The Bank has published papers explaining how quantitative easing (QE) measures have historically impacted gilt repo market liquidity—generally speaking, QE has played a role in boosting liquidity and cutting borrowing costs, but during times of unexpected surge in liquidity demand, things can get tougher. Also, regulations introduced after the financial crisis—like leverage ratio rules—have had complex effects. While these measures help keep the financial system stable by limiting excessive leverage, they might also have inadvertently reduced how resilient the market is when it comes to liquidity, especially for gilts and repos. This adds a layer of complexity to balancing the risks and rewards for market makers. Overall, the Bank's approach seems aimed at finding a middle ground—trying to reduce systemic risk without hampering the normal functioning of the market. They’re seeking detailed feedback from market participants on how these measures could be practically designed and implemented, including what costs or unintended side effects might crop up. That’s especially important because the gilt repo market underpins the liquidity of sterling and the broader stability of financial markets in the UK. The Bank has framed this consultation as part of an ongoing dialogue, not just with other UK regulators but with market players too. Depending on what feedback they receive, further measures or reforms could follow, especially as the Bank keeps reassessing the evolving market conditions. References for further reading: - Paragraph 1 🡆 1, 2, 3 - Paragraph 2 🡆 6 - Paragraph 3 🡆 1, 2, 3 - Paragraph 4 🡆 1, 2 - Paragraph 5 🡆 4, 5 - Paragraph 6 🡆 1, 3 Source: Noah Wire ServicesVerification / Sources https://www.jdsupra.com/legalnews/boe-publishes-discussion-paper-on-4681895/ - Please view link - unable to able to access data https://www.bankofengland.co.uk/paper/2025/discussion-paper/enhancing-the-resilience-of-the-gilt-repo-market - The Bank of England has published a discussion paper exploring potential reforms to enhance the resilience of the UK gilt repo market. Developed in close consultation with the Financial Conduct Authority (FCA) and with input from HM Treasury and the UK Debt Management Office (DMO), the paper examines two primary options: increasing central clearing of gilt repo transactions and introducing minimum haircuts or margins on non-centrally cleared repos. These measures aim to reduce counterparty credit risk and mitigate systemic vulnerabilities. The paper also considers additional measures, such as enhanced public and private counterparty disclosures, to improve market resilience. The deadline for responses is 28 November 2025. Responses should be sent to GiltreporesilienceDP@bankofengland.co.uk. https://www.bankofengland.co.uk/news/2025/september/boe-launches-discussion-paper-seeking-views-on-measures-to-enhance-gilt-repo-market-resilience - The Bank of England has launched a discussion paper seeking views on measures to enhance the resilience of the UK government bond (‘gilt’) repo market. Developed in close consultation with the Financial Conduct Authority (FCA) and with input from HM Treasury and the UK Debt Management Office (DMO), the paper explores potential reforms, including greater central clearing of gilt repo transactions and the introduction of minimum haircuts or margins on non-centrally cleared repos. The Bank is seeking feedback on how these options could be practically designed and implemented to strengthen the gilt repo market, as well as on any potential costs that might arise. The deadline for responses is 28 November 2025. Responses should be submitted to GiltreporesilienceDP@bankofengland.co.uk. https://www.bankofengland.co.uk/working-paper/2024/quantitative-easing-and-the-functioning-of-the-gilt-repo-market - This working paper assesses the impact of quantitative easing (QE) on the provisioning of liquidity and the pricing in the UK gilt repo market. The authors compare the behaviour of banks that received reserves injections via QE operations to other similar banks in terms of the amounts lent and pricing. They also investigate whether leverage ratio capital requirements affected the amounts of liquidity supplied by broker-dealers and the spreads they charged. The findings indicate that QE interventions can improve liquidity provision, and that their size determines how this is attained. QE can also reduce the cost of borrowing in the repo market unless it was associated with spikes in demand for liquidity. The study further indicates that the leverage ratio supports the provision of liquidity during stress, as it prompts banks to become less leveraged. However, the larger capital charge repo transactions attract under the leverage ratio requirement is reflected in their spreads. https://www.bankofengland.co.uk/working-paper/2017/the-leverage-ratio-and-liquidity-in-the-gilt-and-repo-markets - This working paper examines the impact of post-crisis regulatory leverage ratio requirements on the liquidity of the UK gilt and gilt repo markets. The authors find that gilt repo liquidity worsened during the period when UK leverage ratio policy was announced, and that gilt liquidity worsened conditional on factors such as funding costs and inventory risk. They also find evidence that gilt repo liquidity has become less resilient. However, evidence from heterogeneity in dealer behaviour is inconclusive regarding a causal link between leverage ratio requirements and the reduction in market liquidity. https://www.bankofengland.co.uk/working-paper/2023/an-anatomy-of-the-2022-gilt-market-crisis - This working paper provides a detailed account of the 2022 gilt market crisis, analysing market liquidity, investor behaviour, and price dynamics during the market disruptions in September and October 2022. The study finds that selling pressure in gilt markets, due to deteriorating derivative and repo positions of liability-driven investors (LDI), led to evaporating market liquidity, especially in long-dated conventional gilts and index-linked gilts. The paper also highlights that transaction costs in bond markets quickly soared, particularly for smaller trades, for trades at smaller dealers, and for trades of non-LDI-PI investors. The aggregate dispersion of transaction prices more than doubled in a matter of days, and price dispersion across primary dealers remained significant throughout the crisis, suggesting tightened constraints on the intermediary sector. https://www.bankofengland.co.uk/markets/bank-of-england-market-operations-guide/consultations-and-other-information - The Bank of England's Market Operations Guide provides information on the Bank's market operations, including consultations and other information. The guide includes details on the Bank's transition to a repo-led, demand-driven operating framework, as well as other market operations and consultations. The Bank welcomes views from current and prospective Sterling Market Facilities (SMF) participants, the wider market, and the public on these matters. Comments should be provided to RepoLedFrameworkDP@bankofengland.co.uk. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 10 Notes: ✅ The narrative is based on a recent press release from the Bank of England, dated 4 September 2025, announcing the publication of a discussion paper on enhancing the resilience of the UK gilt repo market. This indicates high freshness. (bankofengland.co.uk) Quotes check Score: 10 Notes: ✅ The narrative includes direct quotes from BoE Deputy Governor Sarah Breeden, which are consistent with the press release dated 4 September 2025. (bankofengland.co.uk) Source reliability Score: 10 Notes: ✅ The narrative originates from the Bank of England, a reputable and authoritative source in financial matters, ensuring high reliability. Plausability check Score: 10 Notes: ✅ The claims made in the narrative align with the Bank of England's recent initiatives and the context of the UK gilt repo market, making them plausible and consistent with known information. Overall assessment Veredict (FAIL, OPEN, PASS): PASS Confidence (LOW, MEDIUM, HIGH): HIGH Summary: ✅ The narrative is based on a recent and original press release from the Bank of England, with consistent and accurate quotes, originating from a highly reliable source, and presenting plausible and consistent claims.

Broadridge’s DLR platform sees $280 billion daily repo transactions, signalling rapid adoption of blockchain in liquidity management

Collateral1689 words8 min read2 days ago

Broadridge Financial Solutions reports a significant surge in its Distributed Ledger Repo platform’s daily transaction volume, highlighting accelerating reliance on blockchain technology to revolutionise liquidity and collateral management in the repo market.Broadridge Financial Solutions reported that its Distributed Ledger Repo (DLR) platform handled an average of over $280 billion in daily repurchase agreement transactions during August 2025, according to a recent announcement from the company. This is quite a jump from earlier figures, highlighting what Broadridge calls a growing reliance within the industry on distributed ledger technology (DLT) to improve liquidity and streamline operations in the repo market. They claim that DLR has now become the world’s biggest institutional platform for settling tokenized real assets. It’s seen as a pretty handy tool that speeds up collateral turnover and cuts down on trade processing costs. Also, the fact that it can connect traditional infrastructure with blockchain-based systems is pointed out as a key factor in its expanding reach. Broadridge’s partnership with Kaiko, a notable provider of digital asset market data, shows efforts to make the integration between on-chain and off-chain financial systems smoother. Together, they've rolled out a new data app on the Canton Network, which shares aggregate DLR market data—such as repo par value, turnover, and trade counts—to institutional clients, all under strict compliance requirements. Kaiko’s CEO emphasized that reaching this milestone demonstrates the tangible advantages of connecting blockchain data with traditional finance, while Broadridge sees this move as a way to boost market confidence in tokenized securities, especially through increased auditability and standardization. Looking at the growth of this platform, it’s clear there’s been rapid evolution since it first came onto the scene in mid-2021, when daily transaction volumes hovered around $31 billion. Some industry experts mention how fast it scaled up—within just a few months, volumes had hit $50 billion daily, and about two years back, they were around $70 billion. Now, reaching the recent figure of $280 billion daily indicates that acceptance is speeding up, but it also raises questions about whether such incredible volume leaps are sustainable, especially given the complexities involved in handling big institutional repo activity on distributed ledgers under current market conditions. While Broadridge emphasizes the efficiency gains and risk mitigation, independent reviews and wider adoption beyond early players—like major banks—are still closely watched by the industry. In a broader context, there’s definitely rising interest among institutions in blockchain applications, particularly where smart contracts and tokenization can really help streamline fixed income and securities market workflows. Meanwhile, some market participants remain cautious, concerned about long-term integration hurdles, regulatory oversight, and ensuring smooth interoperability between legacy systems and new digital infrastructures. Broadridge’s focus on governance standards like SOC 2—and its network partnerships, including Canton—are part of its effort to address these issues. It’s, well, positioning the platform as a benchmark for digital transformation in financial infrastructure. Honestly, it’s pretty interesting, right? The move toward blockchain-driven repo markets is gaining momentum, with tangible numbers backing it up. Still, as with any major technological shift, questions about sustainability, security, and broader adoption remain. But if Broadridge’s recent trends are any indication, the future of digital-led liquidity management might be closer than we think. Source: Noah Wire ServicesVerification / Sources https://www.prnewswire.com/news-releases/280-billion-in-average-daily-processed-trade-volumes-on-broadridge-distributed-ledger-repo-platform-302551777.html - Original press release. View link for all data https://www.prnewswire.com/news-releases/280-billion-in-average-daily-processed-trade-volumes-on-broadridge-distributed-ledger-repo-platform-302551777.html - Broadridge Financial Solutions, Inc. announced that its Distributed Ledger Repo (DLR) platform processed over $280 billion in average daily repo transactions during August 2025, highlighting significant market adoption and the transformative potential of blockchain technology in capital markets. This innovative use of Distributed Ledger Technology (DLT) is unlocking liquidity, creating efficiencies, and optimising opportunities for clients and the industry. Broadridge's DLR platform is the world's largest institutional platform for settling tokenised real assets, setting a new standard for efficiency and innovation in the global repo market. The platform is interoperable within both traditional and blockchain-based market infrastructure. https://www.broadridge.com/press-release/2021/broadridge-launches-dlt-repo-platform - In June 2021, Broadridge Financial Solutions launched its Distributed Ledger Repo (DLR) platform, enabling market participants to agree, execute, and settle repo transactions using smart contracts. The platform aims to transform the $10 trillion global bilateral repo market by reducing operational costs, mitigating risk, and enhancing liquidity. In its first week, DLR executed $31 billion in average daily volume, demonstrating significant early adoption and the potential of DLT in capital markets. https://www.coindesk.com/markets/2021/06/15/broadridge-blockchain-repo-platform-is-averaging-31b-a-day - Broadridge's Distributed Ledger Repo (DLR) platform, launched in June 2021, is averaging $31 billion in daily volume, with most transactions originating from banks in the U.S. and Europe. The platform leverages distributed ledger technology and smart contracts to transform the $10 trillion global bilateral repo market, aiming to reduce operational costs, mitigate risk, and enhance liquidity. The rapid adoption underscores the growing interest in blockchain solutions within the financial sector. https://www.forbes.com/sites/emilymason/2021/06/15/broadridges-blockchain-platform-is-already-averaging-31-billion-in-daily-repo-volume - Broadridge's Distributed Ledger Repo (DLR) platform, launched in June 2021, is already handling $31 billion worth of transactions daily. The platform aims to transform the $10 trillion global bilateral repo market by reducing operational costs, mitigating risk, and enhancing liquidity through the use of distributed ledger technology and smart contracts. The rapid adoption highlights the growing interest in blockchain solutions within the financial sector. https://www.broadridge.com/article/capital-markets/dlr-transacts-1-trillion-a-month - Broadridge's Distributed Ledger Repo (DLR) platform, launched in mid-2021, has achieved $50 billion in daily volume, equating to $1 trillion monthly. The platform enables real-time securities mobility in the repo market, reducing operational risk and settlement costs. Early participants include UBS and Société Générale, with expectations for further expansion. The platform's flexibility supports various repo trade types, including intraday and term repos, and is built on Broadridge's existing fixed income trade processing platform. https://www.forbes.com/sites/digital-assets/2023/05/08/broadridge-now-conducts-70-billion-of-blockchain-repo-trades-per-day - As of May 2023, Broadridge's Distributed Ledger Repo (DLR) platform is facilitating $70 billion worth of repurchase agreements daily, marking a 40% increase since February. Users include UBS and Société Générale. The platform leverages distributed ledger technology to streamline the repo process, saving clients approximately $1 million for every 100,000 transactions. The growth underscores the increasing adoption of blockchain solutions in the financial sector. Noah Fact Check Pro The draft above was created using the information available at the time the story first emerged. We've since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation. Freshness check Score: 8 Notes: The narrative reports that Broadridge's Distributed Ledger Repo (DLR) platform processed an average of over $280 billion in daily repurchase agreement transactions during August 2025. This figure represents a significant increase from the $31 billion in daily volume reported in June 2021. The earliest known publication date of similar content is June 14, 2021, when Broadridge launched the DLR platform with an initial average daily volume of $31 billion. (prnewswire.com) The substantial increase in reported daily volume over a short period raises questions about the platform's scalability and the accuracy of the reported figures. The narrative does not provide specific dates or sources for the August 2025 data, making it challenging to verify the freshness and accuracy of the information. Additionally, the lack of coverage from other reputable outlets on this significant development further diminishes the freshness score. The absence of specific dates and sources for the August 2025 data, along with the lack of coverage from other reputable outlets, suggests that the information may be outdated or unverified. The narrative includes updated data but recycles older material, which may justify a higher freshness score but should still be flagged. (prnewswire.com) Quotes check Score: 7 Notes: The narrative includes direct quotes attributed to Broadridge's President of Capital Markets, Vijay Mayadas, and Kaiko's CEO. However, these quotes do not appear in the earliest known publication date of similar content, which is June 14, 2021. The absence of these specific quotes in earlier material suggests that they may be original or exclusive to this narrative. However, without access to the full text of the August 2025 announcement, it is difficult to verify the authenticity and context of these quotes. The lack of earlier appearances of these quotes raises the score but flags them as potentially original or exclusive content. Source reliability Score: 6 Notes: The narrative originates from a press release distributed via PR Newswire, a reputable distribution service. However, the press release format may limit the depth of information and independent verification. The reliance on a single source without corroboration from other reputable outlets introduces uncertainty regarding the reliability of the information. The press release format may limit the depth of information and independent verification, which is a concern. Plausability check Score: 5 Notes: The narrative reports a significant increase in daily trade volumes on Broadridge's DLR platform, from $31 billion in June 2021 to over $280 billion in August 2025. While such growth is possible, the lack of supporting detail from other reputable outlets and the absence of specific dates and sources for the August 2025 data raise questions about the plausibility of the claims. The absence of supporting detail from other reputable outlets and the lack of specific dates and sources for the August 2025 data suggest that the information may be synthetic or unverified. The language and tone of the narrative are consistent with typical corporate communications, but the lack of corroboration from other sources diminishes the plausibility score. Overall assessment Veredict (FAIL, OPEN, PASS): FAIL Confidence (LOW, MEDIUM, HIGH): MEDIUM Summary: The narrative reports a significant increase in daily trade volumes on Broadridge's DLR platform, from $31 billion in June 2021 to over $280 billion in August 2025. However, the lack of specific dates and sources for the August 2025 data, the absence of corroboration from other reputable outlets, and the reliance on a single press release without independent verification raise concerns about the accuracy and reliability of the information. The absence of supporting detail from other reputable outlets and the lack of specific dates and sources for the August 2025 data suggest that the information may be synthetic or unverified. Given these factors, the overall assessment is a 'FAIL' with medium confidence.