Broadridge expanded its Distributed Ledger Repo platform across G7 securities after processing an average $351 billion of transactions a day in August. The scale distinguishes it from tokenisation projects that remain at the pilot stage and extends the platform into cross-border financing and collateral movements.

Elsewhere, China implemented variation-margin requirements for uncleared derivatives, while the European Central Bank and Reserve Bank of Australia advanced frameworks for settling tokenised assets in central-bank money. Euroclear and HSBC also announced an automated foreign-exchange service ahead of Europe’s transition to T+1. Other developments covered tokenised equities and fund units, Indian foreign-currency funding and infrastructure investment.

Read more on the week’s key developments:

1. Broadridge expands $351 billion-a-day tokenised repo platform across G7 securities

Broadridge Financial Solutions expanded its Distributed Ledger Repo platform on 2 September to support G7 securities across cross-border repo, intraday financing and collateral movements using atomic settlement. The platform processed an average $351 billion of repo transactions a day in August, equivalent to $7.4 trillion for the month, with thousands of transactions running through the network daily.

The transaction volumes distinguish the platform from tokenisation initiatives that remain at the pilot stage. Adding G7 securities could extend its use in cross-border financing and collateral management, although the August figures do not show how much activity involved non-US assets. Volumes of these assets and any reported improvements in funding efficiency, intraday liquidity or settlement certainty will show how much the expansion changes cross-border use.

2. China implements variation-margin requirements for non-cleared derivatives

China’s National Financial Regulatory Administration brought variation-margin requirements for non-centrally cleared derivatives into force on 1 September under its Administrative Measures on Margin for Non-centrally Cleared Derivatives Transactions. The rules apply to banks, insurers, financial holding companies and relevant asset-management products trading uncleared over-the-counter derivatives including forwards, swaps and options. They set requirements for exchanging margin, eligible collateral, dispute handling and cross-border transactions.

The rules change how affected institutions manage counterparty exposure by requiring variation margin to be exchanged as market values move. For cross-border trades, overseas margin regimes can be recognised where they are consistent with Basel standards and are equivalent to or more conservative than China’s requirements. This gives international dealers a clearer basis for determining when existing global collateral arrangements can be used with Chinese counterparties, while increasing the operational importance of collateral eligibility, margin documentation and daily valuation processes.

3. ECB details central-bank-money settlement ahead of Pontes launch

European Central Bank Executive Board member Isabel Schnabel provided new detail on 28 August about Project Pontes, which is scheduled to launch in September 2026. Pontes will connect market distributed-ledger technology platforms with the Eurosystem’s TARGET Services, allowing tokenised wholesale-market transactions to settle in central-bank money. At launch, legal settlement finality for the cash leg will remain anchored in T2, the Eurosystem’s real-time gross settlement system.

Pontes is intended to develop beyond its initial connection with T2. The ECB plans eventually to move settlement finality onto a Eurosystem-operated DLT platform, with smart-contract functionality and 24-hour operation added later. Digital securities require access to a safe settlement asset if they are to operate across platforms at institutional scale. Pontes begins by providing that access through existing infrastructure, with the cash leg intended to move onto the Eurosystem’s DLT platform later.

4. Reserve Bank of India swap facility attracts $136.38 billion in foreign-currency inflows

The Reserve Bank of India reported on 2 September that its special US dollar-Indian rupee foreign-exchange swap facility had attracted $136.38 billion in reported inflows by 31 August. Foreign Currency Non-Resident (Bank) deposits, foreign-currency term deposits placed with Indian banks by non-resident Indians, accounted for $127.23 billion. Overseas foreign-currency borrowings contributed $5.26 billion and external commercial borrowings $3.89 billion. The facility was introduced on 8 June. The FCNR(B) mobilisation window closed on 31 August, while the borrowing components remain open through December.

Reported inflows more than doubled from $56.85 billion on 13 August, with FCNR(B) deposits accounting for most of the increase. The facility allows banks to mobilise foreign-currency funding and exchange the principal with the RBI for rupees, reducing their exchange-rate exposure. As the swaps are completed, the operation could increase the RBI’s foreign-currency holdings while adding rupee liquidity to the banking system. The figures remain provisional and subject to final reporting, accounting and reconciliation.

5. Euroclear and HSBC embed foreign exchange into T+1 securities settlement

Euroclear and HSBC announced AutoFX on 1 September, an automated service that will embed clients’ foreign-exchange execution directly into Euroclear’s securities-settlement process. The service is expected to support more than 30 currencies initially and become available in early 2027 as European and UK securities markets prepare for the anticipated move to T+1 settlement in October 2027.

The service addresses a practical problem created by shorter settlement cycles. International investors will have less time to obtain the required currency after executing a securities trade. By sourcing the currency automatically, AutoFX aims to reduce foreign-exchange-related settlement failures and excess funding while helping investors meet cut-off times across time zones. Client uptake, fail rates and changes in funding needs after launch will provide evidence of whether it delivers those benefits.

6. London Stock Exchange assesses rights-preserving tokenised UK equity structures with Payward

London Stock Exchange announced on 1 September that it is assessing a UK tokenised-equity structure designed to preserve the shareholder rights, protections and governance standards of conventional public markets. The work will consider how London Stock Exchange Group’s Digital Securities Depository could support settlement and asset servicing, subject to regulatory approval. Separately, xStocks are intended to trade on LSE 24 in 2027, also subject to approval.

xStocks provide tokenised exposure to listed companies and are backed one-to-one by underlying shares. LSE’s separate work is intended to preserve the shareholder rights, protections and governance standards attached to conventional equities. The proposed model could connect tokenised trading with regulated market infrastructure without creating separate pools of liquidity. Regulatory approval is the first hurdle. Live issuance and secondary-market trading will show whether the structure works in practice.

7. National Investment and Infrastructure Fund reaches $2 billion first close for Infrastructure Fund II

National Investment and Infrastructure Fund Limited, India’s government-anchored alternative asset manager with more than $7 billion in equity capital commitments, announced on 31 August that its Infrastructure Fund II had raised INR 190 billion ($2 billion) at first close. This represented more than 60% of its INR 300 billion ($3.2 billion) target. NIIF also expects to mobilise approximately INR 90 billion ($950 million) in co-investment capital alongside the fund. The new fund will invest in energy, transport, digital and urban infrastructure and electric mobility.

The investor base includes the Government of India, sovereign wealth funds, pension funds, insurers and Indian financial institutions. Infrastructure Fund II follows NIIF’s first infrastructure fund, which closed at $2.34 billion in 2020 and invested across energy, transport and digital infrastructure. Several investors in that fund have also backed Fund II. NIIF still needs to raise INR 110 billion to meet its target. Its deployment and returns will affect investor support for subsequent funds.

8. Global X, Citi and OSL launch tokenised Hong Kong ETF share class

Global X launched a tokenised unit class of its HSCEI Covered Call Active ETF on 27 August, with subscriptions available immediately through OSL, currently its sole distributor. The units are represented on Ethereum, while Citi acts as transfer agent, custodian and administrator. The launch brings tokenised fund distribution into live use within Hong Kong’s regulated fund market, with the blockchain representation operating alongside the fund’s existing servicing infrastructure.

The structure shows where the operational boundary currently sits between blockchain and conventional fund administration. Cash settlement remains off-chain and Citi maintains the legally authoritative register of ownership, reconciling it with the blockchain record each day. If the two records differ, the off-chain register prevails. Investors also cannot transfer the tokenised units peer to peer. The model therefore adds a blockchain-based distribution and representation layer without moving legal ownership, settlement or secondary trading fully on-chain. Adoption figures for the tokenised class have not been disclosed.

9. SEC proposes transfer-agent overhaul addressing blockchain-based securities

The US Securities and Exchange Commission proposed on 1 September to modernise the rules governing registered transfer agents, which the agency describes as a key component of the national clearance and settlement system. The rules have not been substantively updated since the first framework was introduced in the late 1970s and early 1980s. The proposal reflects electronic recordkeeping, communications and the use of blockchain technology in securities offerings and share transfers.

The proposal matters for tokenised securities because transfer agents maintain ownership records and process changes in share ownership. It identifies distributed ledgers and smart contracts as technologies capable of changing those functions, alongside transfer, clearance and settlement. The rules remain at the proposal stage, but their final form could define how on-chain ownership records connect with regulated US market infrastructure.

10. RBA examines DvP settlement of tokenised assets against central-bank reserves

The Reserve Bank of Australia launched a consultation on 3 September on how the Reserve Bank Information and Transfer System and Fast Settlement Service should support tokenised finance. The RBA is seeking views on synchronising tokenised-asset platforms with its settlement services to support delivery-versus-payment settlement against central-bank reserves, exchanging different forms of tokenised private money and designing tokenised central-bank reserves.

The consultation brings Australia’s tokenisation work into core wholesale-settlement design. It asks how existing central-bank infrastructure should interact with tokenised securities and private money at scale, including liquidity management and access models. Institutions developing Australian digital-asset infrastructure now have settlement architecture, central-bank-money access and interoperability under consideration within the same policy process.