Broadridge's Distributed Ledger Repo platform processed $7.5 trillion of transactions in September, with average daily volume of $359 billion, according to the firm. That scale now anchors the fintech's push beyond securities financing: in September 2026 it launched DLX, an end-to-end tokenization and digital asset infrastructure platform.

For desks watching tokenization, the numbers matter more than the branding. A Broadridge paper estimated that 15% adoption of intraday DLR could cut intraday liquidity buffer requirements by 8% to 17%. That is the vendor's own estimate, not a measured outcome — but it frames why treasury and funding desks keep piloting the platform.

What does DLX actually change?

Horacio Barakat, global head of digital innovation at Broadridge, told Markets Media that DLX is a gateway to the digital asset world, giving clients a front-to-back platform for integrating tokenized assets.

"DLX allows clients to operate in the digital asset world without needing different books of records, new integrations or a different position keeping system," Barakat said. "They can keep the same view and experience as they have in the traditional world."

That is the operative claim. The platform spans issuance, trading, settlement, servicing, custody, governance and distribution across asset classes. It adds wallet-as-a-service functionality, interoperability with existing market infrastructure, and connectivity to multiple blockchains.

The pitch targets four workflows:

• Wealth managers: route client orders to digital and centralized exchanges via DLX connectivity.
• Issuers: mint, issue, service, transact in and distribute tokenized instruments.
• Banks and broker-dealers: connect issuance, trading, transaction orchestration, settlement, servicing, custody and market infrastructure workflows.
• Asset managers: tokenize and issue funds onchain, automate lifecycle processes and reach institutional, intermediary and wealth distribution channels.

Investors can access and trade eligible tokenized products, including funds, equities and bonds. Firms keep their own controls for compliance, governance and regulatory requirements, and avoid managing fragmented onchain infrastructure themselves.

Why repo came first

Barakat said DLR has demonstrated that tokenized market infrastructure can operate at the scale and consistency required for core institutional activity. Scaling was the hard part. "That is very difficult because it requires technical expertise and requires the right design decisions to make sure that you can support spikes in volume," he said.

DLR also proved that a platform needs connections to existing systems — securities depositories, custodians, exchanges — to scale. Barakat said that running repo at institutional scale gave clients the confidence to investigate tokenization in other asset classes: "They know they can depend on DLR for a critical part of the market which is the lifeblood of financing for institutions."

"That real-world foundation is allowing us to take the next step with DLX, extending the infrastructure and operating experience we've built in repo to a broader range of assets and workflows," he added. "This makes it possible for institutions to bring tokenization into more parts of their business through infrastructure that seamlessly connects with how markets already operate."

What about the DTCC connection?

DLX provides the capabilities clients need to connect to the tokenization service from DTCC, the U.S. post-trade market infrastructure, which is due to fully launch in October 2026. Barakat hopes that launch will catalyze institutional adoption.

"We are working with a lot of clients on the DTCC Tokenization Service," he said. "We have weekly sessions with them on how we implement the operating model that we have developed for them to participate."

He expects October to mark only the beginning. Clients will initially pick a few trade types while they rework internal processes.

The backdrop is widening. NYSE and Nasdaq hold regulatory approval to launch platforms for trading tokenized securities. "Every time a large market infrastructure announces that they are going to do something, it certainly draws attention and brings value to the market," Barakat said.

What the analysts count

Ashish Sabadra, business and information services equity analyst at RBC Capital Markets, wrote in a report that Broadridge management's base case — a long period of hybrid infrastructure where digital and traditional assets coexist — plays into the firm's positioning as the connection between both for its institutional client base.

"DLX is not a re-architecture of DLR but rather opens latent capabilities already built into the platform," Sabadra said. "Broadridge also holds a strategic investment in HQLAx for European collateral mobility and ~1.5 billion Canton Coins on its balance sheet recognized as capital markets revenue. Its NYFIX and CQG platforms extend connectivity across 26+ digital asset venues for order routing globally."

Those figures separate what Broadridge has measured — repo volume, venue connectivity, token holdings — from what it asserts about adoption. The October DTCC launch, and how many trade types clients actually route through DLX in its first months, will be the first testable read on demand.