JPMorgan, HQLAx and Ownera have launched a cross-ledger intraday repurchase agreement (repo) solution, with $5 billion traded during its first month of operation.
JPMorgan, HQLAx, Ownera Debut Cross-Ledger Repo
The solution enables repo traders to exchange cash held at JPMorgan for collateral held at HQLAx intraday, the release shared with TopMob explains. Imagine being able to trade your lunch money for a shiny new bike, but only for a few hours, and then getting your lunch money back just in time for the school bell. That’s what this solution does, but with billions of dollars and a lot more precision. Settlement and maturity times can be specified to the minute, addressing market needs for interoperability and precise settlement of cash and securities. This aims to help participants optimize intraday liquidity, which is just a fancy way of saying they can make better use of their money before the end of the day.
Ownera’s routing technology orchestrates the full transaction lifecycle. It connects participants peer-to-peer using the open FinP2P protocol, facilitating execution and delivery-versus-payment (DvP) exchange of collateral and cash across separate ledger platforms with precision. Think of it as a high-tech matchmaker for financial transactions, ensuring everyone gets exactly what they bargained for, down to the last cent.
The announcement shared with our newsdesk disclosed that the initial phase is live, handling up to $1 billion in daily trading volume with expectations for growth. The solution facilitates exchanging ownership of securities on HQLAx’s platform for cash settled via JPMorgan’s Digital Financing application, utilizing blockchain deposit accounts on JPMorgan’s Kinexys ledger. If you’re wondering how they manage to keep track of all this, well, it’s like trying to count grains of sand on a beach, but with a supercomputer and a lot of coffee.
Designed for industry-wide scalability, the platform reduces fragmentation by supporting potential future extensions to multiple venues, collateral sources and digital cash instruments, including deposit tokens, stablecoins, and central bank digital money. It’s like building a bridge that can connect not just two cities, but an entire network of financial hubs, making it easier for everyone to move around.
Ami Ben-David, Ownera CEO, called intraday repo a “compelling use case for tokenized assets.” JPMorgan’s Dan Phillips stated Ownera offers “a key utility” for institutional DLT growth. HQLAx’s Richard Glen said it transforms intraday liquidity management with “precision, speed, certainty, and control.” So, it’s not just about moving money; it’s about doing it with the finesse of a seasoned magician, making sure every trick is flawless and every audience member is amazed. 🎩✨
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2025-08-07 19:58