Deployments · HQLAX Digital Collateral Registry · platform by HQLAx

Goldman Sachs–Clearstream intraday repo on HQLAX in the Eurosystem DLT trialsUpdated 14 Oct 2026

Two tri-party intraday repos in late November 2024 as part of the Eurosystem's trials of wholesale settlement in central bank money. Goldman Sachs borrowed cash from Clearstream against collateral moved on the HQLAX ledger, with Clearstream's D7 coordinating and the Bundesbank's Trigger solution settling the cash in TARGET. HQLAX called them its first DvP repos settled in production.

Inactive · concluded as planned since 28 Nov 2024^[1]i — Time-limited central bank trial with real securities and cash; it has ended. · Reviewed 25d ago i

Assets

Undisclosed^[1]

Collateral ownership moved on the HQLAX registry

Networks

HQLAX ledger Private, permissioned^[1]

D7 Private, permissioned^[1]

Use cases i

Intraday repo^[1]Delivery versus payment (DvP)^[1]

Jurisdictions

Germany, Luxembourg, European Union

Participants

• Goldman SachsCounterparty^[1]United States
• ClearstreamCounterparty, Operator^[1]Luxembourg
• HQLAxPlatform provider, Technology provider^[1]Luxembourg
• EurexOperator^[1]Germany
• Deutsche BundesbankCash leg provider^[1]Germany

Moves across networks

• direct linkSynchronised settlementHQLAX ledger ↔ D7^[2][1]Clearstream (D7) coordinated the DvP repo across the HQLAX collateral leg and the cash leg in T2; changed from message-passing 2026-10-16.
• viaBundesbank Trigger Solution^[2]Cash leg settled in central bank money in RTGS via the Bundesbank Trigger Solution.

Metrics i

• 2 tradesIntraday repo trades in the trial · as of Nov 2024^[1]

Timeline

1. Happened 28 Nov 2024 · Retired · recorded 11 Oct 2026
   Trial transactions complete; trades returned the same day.^[1]
2. Happened 26 Nov 2024 · First transaction · recorded 11 Oct 2026
   First of two intraday DvP repos settled across HQLAX and D7 with cash in central bank money.^[1]

Sources i