The post-trade giant's distributed ledger repo platform averaged $359 billion a day in September, and it is betting that tokenization adds business rather than replacing it
Tokenization was supposed to be the thing that disrupted the plumbing of Wall Street. Broadridge, which builds a lot of that plumbing, is making a different case: the new pipes still need a plumber.
According to a CNBC report, tokenization is creating more business for Broadridge, not less. The company’s Distributed Ledger Repo platform processed roughly $360 billion of tokenized collateral per day in September. That is a lot of money for a technology that skeptics still describe as experimental.
The numbers on the ledger
Broadridge’s Distributed Ledger Repo platform, known as DLR, averaged $359 billion in daily repo transactions during September. Across the full month, that added up to $7.5 trillion.
A quick primer for anyone who doesn’t spend their weekends thinking about money markets. A repo, short for repurchase agreement, is a short-term loan where one party hands over securities as collateral and agrees to buy them back later. It is one of the quiet engines that keeps banks and dealers funded day to day.
DLR uses distributed ledger technology and smart contracts to move that collateral around and settle trades. The underlying assets themselves stay in conventional custody. Put simply, the record of who owns what lives on a shared ledger, while the actual securities sit where institutions have always kept them.
The volume has also been steady, not a one-month spike. Broadridge has reported that DLR consistently maintained daily volume between $350 billion and $365 billion throughout 2026. The platform handles thousands of transactions a day and is live with major dealers.
September was busy on other fronts too. In early September, DLR expanded to G7 securities, opening the door to cross-border repo transactions. Then on September 9, Broadridge launched DLX, a multi-asset tokenization and digital asset infrastructure platform.
DLX is meant to take what DLR does for repo and stretch it across more functions. Those include issuance and trading, covering asset classes such as equities and funds.
Why the moat matters
The company also supports governance and proxy voting for a range of tokenized securities models. That is not a flashy feature. It is, however, the kind of unglamorous back-office function that has to exist before a tokenized stock or fund can behave like the real thing for shareholders.
Broadridge executives, including CEO Tim Gokey, have acknowledged that the growth opportunity comes with operational complexity for clients. Governance and integration with existing systems are among the challenges they flag. The company’s pitch is that its approach is built to enhance existing post-trade services rather than displace core operations.
What this means for tokenization and Wall Street
The most important signal here is where real tokenization volume is actually showing up. It is not in retail-facing tokens or speculative assets. It is in repo, a dull but enormous corner of finance where shaving time and friction off collateral movement has obvious value.
The cross-border angle could be especially telling. Repo across jurisdictions has historically involved more friction than domestic deals, which makes it a natural test case for shared ledgers.
DLX will face a tougher test. Repo is a single, well-defined use case. Issuance and trading across equities and funds involve more counterparties, more regulators and more competing ideas about how tokenized assets should work.
Still, Broadridge enters that fight with something most tokenization startups lack: trillions of dollars in monthly processed volume and relationships with the institutions it is trying to sell to. In a market where pilots and press releases often outnumber live deployments, a platform that settled $7.5 trillion in a single month is a reminder that the quiet, institutional version of tokenization is already running at scale.
