RBL Bank, the India-based private sector bank, has chosen the Calypso Treasury solution for its repo operations, FX, fixed income, money market, equity and mutual funds
Initial trades on FICC鈥檚 sponsored GC service executed by Federated Hermes, BNY Mellon and J.P. Morgan 糖心vlog, enabling centrally cleared repo transactions to settle on BNY Mellon's tri-party platform
The US Federal Reserve鈥檚 open market committee has established two standing repo facilities to support the effective implementation of monetary policy and smooth market functioning
The firm also says 57 matching counterparts are now using its post-trade repo solution, with additional firms also in the pipeline, pending go-live in Q3 and Q4 of 2021
鈥淭his is the first step in the transformation of the repo markets using smart contracts and distributed ledger technology,鈥 says Broadridge president of capital markets Vijay Mayadas
The firm unlocks access to global and local interbank markets for emerging markets and developing countries鈥 banks by providing credit guarantees to cover counterparty credit risk, utilising local currency assets as collateral