JPMorgan's Onchain Intraday Repo Trades $5B in First Month

JPMorgan, HQLAx and Ownera have launched a cross-ledger intraday repurchase agreement (repo) solution, with $5 billion traded during its first month of operation.

JPMorgan, HQLAx, Ownera Debut Cross-Ledger Repo

The solution enables repo traders to exchange cash held at JPMorgan for collateral held at HQLAx intraday, the release shared with Bitcoin.com News explains. Settlement and maturity times can be specified to the minute, addressing market needs for interoperability and precise settlement of cash and securities. This aims to help participants optimize intraday liquidity.

Ownera’s routing technology orchestrates the full transaction lifecycle. It connects participants peer-to-peer using the open FinP2P protocol, facilitating execution and delivery-versus-payment (DvP) exchange of collateral and cash across separate ledger platforms with precision.

The announcement shared with our newsdesk disclosed that the initial phase is live, handling up to $1 billion in daily trading volume with expectations for growth. The solution facilitates exchanging ownership of securities on HQLAx’s platform for cash settled via JPMorgan’s Digital Financing application, utilizing blockchain deposit accounts on JPMorgan’s Kinexys ledger.

Designed for industry-wide scalability, the platform reduces fragmentation by supporting potential future extensions to multiple venues, collateral sources and digital cash instruments, including deposit tokens, stablecoins, and central bank digital money.

Ami Ben-David, Ownera CEO, called intraday repo a “compelling use case for tokenized assets.” JPMorgan’s Dan Phillips stated Ownera offers “a key utility” for institutional DLT growth. HQLAx’s Richard Glen said it transforms intraday liquidity management with “precision, speed, certainty, and control.”