Broadridge DLR
Broadridge Distributed Ledger Repo, the production tokenised repo platform settling roughly USD 339 billion in average daily volume during September 2025. Migrated from Hyperledger Fabric to Canton Network through 2024-2025, putting Broadridge into the Canton Network governance set. Demonstrated DvP intraday repo settled against Sterling Fnality FnPS, the first concrete production-style use case for Sterling FnPS beyond simple payments.
Operating details
How it actually settlesDLR is a distributed-ledger repo platform for US Treasury repo and broader fixed-income financing, used by GSIB and large broker-dealer participants. The original deployment was on a Hyperledger Fabric stack; the platform migrated to Canton over the period 2024-2025, which is the operational path that put Broadridge into the Canton Network governance set as one of the named participating institutions. The cash-leg architecture supports DvP settlement against tokenised cash on Sterling Fnality FnPS for intraday repo, the first concrete production-style use case for Sterling FnPS beyond simple payments. DLR sits inside Broadridge's broader securities-financing technology stack alongside DLT Connect (broader connectivity layer), ClearFi (tokenised-asset distribution), and the Smart NAV oracle work alongside DTCC and Chainlink.
Broadridge · Canton Network (settlement infrastructure) · Fnality (Sterling FnPS DvP counterparty) · Société Générale · UBS · DTCC (Smart NAV collaborator) · Chainlink (Smart NAV oracle) · Multiple GSIB and broker-dealer participants on the live DLR platform
DLR ran roughly USD 339 billion in average daily repo volume during September 2025 according to Canton Network disclosures, anchoring Broadridge as the most operationally significant tokenisation-vendor product in current production. Demonstrated DvP intraday repo settled against Sterling Fnality FnPS in April 2025 as a production-style use case beyond bilateral repo.
Broadridge is a publicly listed US technology and operations vendor (NYSE: BR), with DLR sitting inside the broader securities-financing technology stack. The platform operates as a tokenisation-vendor service to participating broker-dealers, who retain regulatory responsibility for the underlying repo activity. Settlement on Canton inherits whichever regulatory wrapper applies to the participating institutions and the underlying instruments.
The named GSIB and broker-dealer participant set is not fully consolidated in public disclosure. DLR is the most operationally significant of Broadridge's tokenisation product set; ClearFi and the broader DLT Connect connectivity layer are at smaller scale. Cross-jurisdictional extension of DLR (beyond US Treasury repo) is not at production scale.
Recent news2 curated · awaiting ingestion
- CURATED2025-04-10Ledger InsightsAnalysis: Broadridge demos intraday repo settled with tokenized cash via Fnality
Broadridge linked DLR to FnPS for real-time DvP intraday repo settlement against central bank money, the first concrete production-style use case for Sterling FnPS beyond simple payments.
- CURATED2024-10-15BroadridgeBroadridge DLR migrates to Canton Network
Broadridge migrated DLR from Hyperledger Fabric to Canton Network, the operational path that put Broadridge into the Canton governance set alongside Goldman, BNY, DTCC, and Euroclear.
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