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Deployments · Kinexys Digital Assets · platform by J.P. Morgan

Kinexys Digital Financing (intraday and term repo)Updated 7 Nov 2026

J.P. Morgan's on-ledger repo application. Tokenised government bonds and deposit-account cash move together on Kinexys, giving near-simultaneous settlement for intraday and term repo. Running since 2020. DBS became its first Asia-based client in November 2022, OCBC lent cash through intraday reverse repos from October 2024 using collateral tokenised via Euroclear's triparty service, and Santander, trading on it since early 2024, added euro intraday repos in early 2025. By October 2024 ten clients had used it for more than 1,200 intraday repos worth over $1.5 trillion.

AnnouncedProof of conceptPilotLive (limited)Live (scaled)

Live (scaled) since 2020[1] · Reviewed today

Assets
Debt security[1]
Held at J.P. Morgan triparty
[1]
Held at J.P. Morgan triparty
Networks
Kinexys Private, permissioned[1]
Use cases
Intraday repo[1]Term repo[1]Delivery versus payment (DvP)[1]
Jurisdictions
United States, European Union

Participants

Likely relevant regulation

Metrics

  • over $1.6tnRepo volume processed since launch · as of Jan 2025[1]
  • over 1,200 tradesIntraday repos executed since launch · as of 30 Oct 2024[4]
  • over $1.5tnIntraday repo value since launch · as of 30 Oct 2024[4]
  • 10 firmsClients that have executed intraday repo · as of 30 Oct 2024[4]
    Across Asia, North America and Europe.

Timeline

  1. Happened 6 Jan 2025 · First transaction · recorded 12 Oct 2026
    Santander, as seller, executes programmed three-hour intraday repos with J.P. Morgan of 50 million each in EUR and USD; the first non-dollar intraday repo by an external firm.[5]
  2. Happened Jan 2025 (month only) · Participant joined · recorded 11 Oct 2026
    Banco Santander executes its first EUR intraday repos and a USD term repo on the application.[1]
  3. Happened 11 Oct 2024 · Participant joined · recorded 12 Oct 2026
    OCBC completes its first intraday reverse repo (under two hours, in USD) as the first external counterparty lending cash on the platform, and the same day borrows through an intraday repo.[4]
  4. Happened Jan 2024 (month only) · Participant joined · recorded 12 Oct 2026
    Santander and J.P. Morgan begin trading through the application.[1]
  5. Happened 23 Nov 2022 · Participant joined · recorded 12 Oct 2026
    DBS completes an intraday repo on the application, the first Asia-based bank to do so, with J.P. Morgan acting as both triparty agent and collateral token agent for the first time.[2]
  6. Happened 2020 (year only) · Launch · recorded 11 Oct 2026
    Digital Financing application goes live on Kinexys Digital Assets (then Onyx).[1]

Sources

  1. [1]Banco Santander Executes First Euro Repos on Kinexys Digital Assets — Markets Media, Jan 2025. Accessed 11 Oct 2026.C
  2. [2]DBS: First bank in Asia to complete intraday repurchase transaction on a blockchain based network — DBS, 23 Nov 2022. Accessed 12 Oct 2026.B
  3. [3]DBS Completes Intraday Repo Transaction on J.P. Morgan's Blockchain-Based Network — Fintech News Singapore, 24 Nov 2022. Accessed 12 Oct 2026.C
  4. [4]OCBC leverages blockchain to become first Singapore bank with institutional intraday lending capability — OCBC, 30 Oct 2024. Accessed 12 Oct 2026.B
  5. [5]Santander executes intraday repo on J.P. Morgan's Kinexys — Finadium, 6 Jan 2025. Accessed 12 Oct 2026.C
  6. [6]Introducing Kinexys | J.P. Morgan — J.P. Morgan. Accessed 7 Nov 2026.B
  7. [7]Inside Kinexys: J.P. Morgan’s $3 Trillion Transaction Platform — Asset Tokenization. Accessed 7 Nov 2026.C
  8. [8]THE IMPACT OF DISTRIBUTED LEDGER TECHNOLOGY IN CAPITAL MARKETS 1 — GFMA. Accessed 7 Nov 2026.C
  9. [9]Banco Santander Executes First Euro Repos on Kinexys Digital Assets - Markets Media — Markets Media. Accessed 7 Nov 2026.C

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