HQLAx DLT Platform Surpasses €1 Billion in Agency Securities Lending

The DLT (Distributed Ledger Technology) HQLAx platform, with its leading agency securities lending service, has reached 10 percent of its outstanding balance. The Bank of New York Mellon, Goldman Sachs and HSBC are the initial participating banks. The platform, which has been launching its core securities lending service since 2019, was initially geared towards the exchange of collateral between banks, began piloting agency trades two years ago, and has now expanded to asset managers. By partnering with tri-party agents and custodians, HQLAx enables collateral in-place hold and intraday delivery-versus-delivery (DvD) settlement. Goldman Sachs' Amar Amlani said the HQLAx DLT solution's applications are expanding and delivering tangible benefits such as precise movement of collateral. Separately, HSBC led HQLAx's Series C funding round, with participants including BNP Paribas, Bank of New York Mellon, Citibank, Deutsche Börse, Goldman Sachs and JPMorgan Chase.