Broadridge's Distributed Ledger Repo (DLR) platform processed $7.5 trillion of transactions in September, at an average daily volume of $359 billion, as the fintech launched DLX, an end-to-end tokenization and digital asset infrastructure platform that extends its capabilities beyond securities financing.

The September figures, supplied by Broadridge, anchor the launch. Horacio Barakat, global head of digital innovation at Broadridge, said DLR has demonstrated that tokenized market infrastructure can operate at the scale and consistency required for core institutional activity. A Broadridge paper estimates that 15% adoption of intraday DLR could reduce intraday liquidity buffer requirements by between 8% and 17%.

That second figure is an estimate, not a measured outcome. The volume numbers, by contrast, are operational data from a platform now running at the center of the bilateral repo market. The distinction matters for desks weighing whether tokenized infrastructure is production-grade or still pilot-grade.

What does DLX change for execution and post-trade workflows?

Barakat described DLX to Markets Media as a gateway to the digital asset world, providing clients with a front-to-back platform for integrating tokenized assets. "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 said. "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."

DLX spans issuance, trading, settlement, servicing, custody, governance and distribution across asset classes. Barakat said the platform uses the capabilities, functionalities and interoperability Broadridge has built to date.

Specific functionality includes:

• Wallet-as-a-service
• Interoperability and connectivity with existing market infrastructure
• Connectivity with multiple blockchains

The platform lets firms integrate tokenized asset activity into existing operating models without managing fragmented onchain infrastructure themselves, while maintaining controls for compliance, governance and regulatory requirements.

"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."

Use cases by client type

Barakat outlined how different institutions would use the platform. A wealth management firm wanting to give clients access to digital assets can use DLX connectivity to reach digital and centralized exchanges. Issuers can mint, issue, service, transact in and distribute tokenized instruments on DLX. Banks and broker-dealers can connect issuance, trading, transaction orchestration, settlement, servicing, custody and market infrastructure workflows.

Asset managers can tokenize and issue funds and investment products onchain, automate lifecycle processes and connect to institutional, intermediary and wealth management distribution channels. Investors can access and transact in eligible tokenized products, including funds, equities and bonds.

What did running DLR teach Broadridge about scale?

Operating DLR taught Broadridge how to scale a digital asset platform. "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," Barakat said.

DLR also showed that a platform scaling successfully needs connection to existing market infrastructure, including systems, securities depositories, custodians and exchanges. "Clients want to consolidate everything they do in digital and traditional markets and that is what DLX provides," he said.

Using DLR has given clients the confidence to investigate tokenization in other asset classes, Barakat added. "They know they can depend on DLR for a critical part of the market which is the lifeblood of financing for institutions," he said.

How does DLX line up with DTCC, NYSE and Nasdaq moves?

DLX offers the capabilities clients need to connect to the tokenization service from DTCC, the U.S. post-trade market infrastructure, due for full launch in October 2026. Barakat hopes the service will catalyze institutional adoption of digital assets.

"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 of adoption, as clients initially pick a few trade types while they rework internal processes.

NYSE and Nasdaq have regulatory approval to launch platforms to trade 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 is the analyst read?

Ashish Sabadra, business and information services equity analyst at RBC Capital Markets, said in a report that Broadridge management's base case of a long hybrid period, in which 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. He noted that Broadridge holds a strategic investment in HQLAx for European collateral mobility and roughly 1.5 billion Canton Coins on its balance sheet, recognized as capital markets revenue. Its NYFIX and CQG platforms extend connectivity across more than 26 digital asset venues for order routing globally.

With DTCC's full launch scheduled for October 2026 and two U.S. exchanges cleared to trade tokenized securities, desks now face concrete integration decisions rather than proofs of concept.