Custodian BNY Mellon and investment bank Goldman Sachs have successfully completed what is referred to as the industry’s first agency securities lending transactions using the DLT-based platform of HQLA-X.
“As part of the combined series of 35-day term transactions with a total size in the hundreds of millions of US dollars, HQLAᵡ created ISIN-level securities trackers called Digital Collateral Records (DCRs) from loaned securities it received from BNY Mellon, giving Goldman Sachs a digital copy of those trades,” the platform provider states in a press announcement.
“The ISIN-level DCRs are the first of their kind, representing specific ISIN quantities held in custody. Those records will enable holders and agents to transfer ownership of any security on the HQLAᵡ distributed ledger, without the need for conventional settlement mechanisms,” it continues.
