Deployments · HQLAX Digital Collateral Registry · platform by HQLAx
HQLAX and Deutsche Börse collateral basket swaps (Eurex Repo)Updated 7 Nov 2026
Banks trade baskets of securities against other baskets on Eurex Repo's F7 system, for securities lending and repo, and HQLAX records the change of ownership on its Corda registry while the securities stay with their custodians. A Deutsche Börse trusted third party connects custodians and tri-party agents. Commerzbank, Credit Suisse and UBS made the first live trades in December 2019, including a swap across Clearstream and Euroclear. In May 2026 SEC staff gave HQLAX and Clearstream a 36-month no-action letter letting up to 15 US banks and broker-dealers join the platform, and HQLAX plans to move it from Corda to the Canton Network after a 2026 investment from Broadridge and Digital Asset.
Live (limited) since Dec 2019[1] — Eurex Repo still lists the basket-versus-basket service with tenors and fees, but no current volumes or participant list are published. Re-check activity. · Reviewed 13d ago
- Assets
- Debt securityEquity[1]German government bond baskets in the first trades; Eurex now lists several sovereign baskets[2]Equity index baskets listed by Eurex Repo
- Networks
- Jurisdictions
- Germany, Luxembourg, European Union
Participants
- HQLAxPlatform provider, Operator, Technology provider[1]Luxembourg
- Deutsche BoerseOperator[1]Germany
- EurexOperator[2]Germany
- ClearstreamCustodian, Operator[1][3]Luxembourg
- EuroclearCustodian[1][5]Belgium
- CommerzbankCounterparty[1][7]Germany
- UBSCounterparty[1][7]Switzerland
- Credit SuisseCounterparty[1]Switzerland
- WematchTechnology provider[6]United States
- HQLAX says most of its bank investors (ING, BNP Paribas, Citi, JPMorgan Chase, BNY, Goldman Sachs and HSBC) and several other banks have used the platform, without saying which used the Eurex basket swaps; all participants so far are non-US.[3]
Timeline
- Happened 4 May 2026 · Regulatory approval · recorded 18 Oct 2026SEC staff issue a 36-month no-action letter letting up to 15 eligible US banks and broker-dealers use the HQLAX and Clearstream platform, within daily value and count limits.[3]
- Happened 21 Apr 2026 · Announcement · recorded 18 Oct 2026Broadridge and Digital Asset take minority stakes in HQLAX, which plans to migrate its platform to the Canton Network, subject to CSSF approval.[4]
- Happened 9 Dec 2019 · First transaction · recorded 11 Oct 2026First live basket swaps between UBS and Commerzbank (at Clearstream) and UBS and Credit Suisse (across Clearstream and Euroclear).[1]
Sources
- [1]Deutsche Börse takes collateral swapping live on DLT — PostTrade 360, 9 Dec 2019. Accessed 11 Oct 2026.C
- [2]Eurex Repo — HQLAX — Eurex. Accessed 11 Oct 2026.B
- [3]No-Action Letter Request Related to the Use of HQLAx's Platform by U.S. Participants to Transfer Securities on a Private, Permissioned Distributed Ledger — US Securities and Exchange Commission, 4 May 2026. Accessed 18 Oct 2026.A
- [4]HQLAX Announces Strategic Investments from Broadridge and Digital Asset to Support its Next Phase of Growth on Canton — Broadridge, 21 Apr 2026. Accessed 18 Oct 2026.B
- [5]Commerzbank, Credit Suisse and UBS execute first live transactions on the Deutsche Börse-HQLAx securities lending platform — Deutsche Boerse, 3 Dec 2019. Accessed 7 Nov 2026.B
- [6]HQLAᵡ — HQLAx, 30 Sep 2022. Accessed 7 Nov 2026.B
- [7]Accenture: 5% of risk experts fully capable of assessing blockchain risks - Ledger Insights - blockchain for enterprise — Ledger Insights. Accessed 7 Nov 2026.C
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