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DBS Completes Intraday Repo Transaction on J.P. Morgan’s Blockchain-Based Network

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DBS announced that it had become the first bank in Asia to complete an intraday repurchase transaction on J.P. Morgan’s blockchain based network, Onyx Digital Assets.

The network supports instant settlements and maturity of the transactions within hours instead of the current industry norm of one to two working days.

This is also the first time that J.P. Morgan is acting as both Triparty Agent and Collateral Token Agent.

DBS joins the likes of BNP Paribas and Goldman Sachs to tap J.P Morgan’s blockchain network for repo trades.

Andrew Ng

Andrew Ng

Andrew Ng, Head of Treasury and Markets at DBS said,

“Repurchase agreements or repos are a traditional and well-established method of raising financing, but infrastructural and technical inefficiencies meant the minimum term has usually been one day. In the past, banks around the world had to explore alternative routes for intraday financing requirements.

Through leveraging efficiencies of a blockchain-based solution, we are able to raise USD funding in compressed timeframes which are beneficial to our liquidity needs.”

Scott Lucas

Scott Lucas

Scott Lucas, Head of Markets Distributed ledger Technology at J.P. Morgan said,

“Our intraday repo solution helps clients boost operational efficiencies and accelerate settlement times for their repo activities.

We are excited to have our first Asia-domiciled client live on the application, as the network continues to grow.”

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