J.P. Morgan, HQLA-X, Ownera Launch Intraday Repo Solution

J.P. Morgan, HQLA-X and Ownera announced the launch of their cross-ledger repo solution. Repo traders are now able to exchange cash at J.P. Morgan and collateral at HQLA-X intraday, with settlement and maturity times specified to the minute. While digital solutions have recently gained market prominence, there is a need for interoperability and precise cash and securities settlement. Ownera’s  routing technology has allowed J.P. Morgan and HQLA-X to orchestrate the full lifecycle of Repo transactions, from execution through to the delivery-versus-payment (DvP) exchange of collateral and cash across ledger platforms with precise settlement, which can help repo participants optimize their intraday liquidity. Ownera’s routers connect market participants peer-to-peer using the open FinP2P protocol, delivering application-layer orchestration across digital platforms. According to a story in MarketsMedia news, the first phase of the solution is now live with executed transactions reaching up to $1bn in trading volume per given day, with expected future volume growth. The solution facilitates the exchange of ownership of securities on the HQLA-X platform for cash settled on J.P. Morgan Digital Financing application via blockchain deposit accounts on J.P. Morgan’s Kinexys.