This transaction was conducted in conjunction with a global Asian bank whose identity was not disclosed in the Broadridge announcement. For the fintech provider, the transaction marks the start of the next phase of the rollout of its DLR platform. Broadridge's DLR platform enables market participants to arrange, execute and settle repo trades.
This is an agreement involving an intraday repo transaction entered into in accordance with the International Securities and Markets Association Global Master Repurchase Agreement ("ISMA Master Agreement"), in which eligible collateral is sold and repurchased on the same business day. A repurchase agreement (repo) is a type of short-term financing for government securities dealers. In the instance of a repo, a dealer sells government securities to investors overnight and then buys them back at a slightly higher price the next day. The implied overnight interest rate is shown by the slight price difference. Short-term capital is often raised through repos. They are also a frequent instrument used by central banks in their open market activities.
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