J.P. Morgan, HQLAX, and Ownera launch repo solution
07 August 2025 US
Image: Metallic-Studio/stock.adobe.com
J.P. Morgan, HQLAX, and Ownera have launched a cross-ledger repo solution.
Repo traders are now able to exchange cash at J.P. Morgan and collateral at HQLAX intraday, with settlement and maturity times specified to the minute.
The first phase of the solution is now live with executed transactions reaching up to US$1 billion in trading volume per given day, with expected future volume growth, the firms say.
Ami Ben-David, CEO and founder of Ownera, comments: 鈥淚ntraday repo represents one of the clearest and most compelling use cases for tokenised assets, and reaching daily trading volumes of up to US$1 billion is an exciting validation of the model鈥檚 scalability.鈥�
The solution aims to facilitate the exchange of ownership of securities on the HQLAX platform for cash settled on J.P. Morgan Digital Financing application via blockchain deposit accounts on J.P. Morgan鈥檚 Kinexys.
While digital solutions have recently gained market prominence, the firms say there is a need for interoperability and precise cash and securities settlement.
Ownera鈥檚 routing technology has enabled J.P. Morgan and HQLAX to orchestrate the full lifecycle of repo transactions, from execution through the delivery-versus-payment (DvP) exchange of collateral and cash across ledger platforms with precise settlement.
This is intended to help repo participants optimise their intraday liquidity.
Ownera鈥檚 routers connect market participants peer-to-peer (P2P) using the open FinP2P protocol, delivering application-layer orchestration across digital platforms.
According to Ownera, the full potential of the solution lies in its scalability as digital solutions gain traction across institutional financial markets.
Designed from the outset to operate at an industry-wide level, the platform reduces market fragmentation by supporting potential future extension to multiple trading venues, collateral sources, and digital cash instruments 鈥� potentially including deposit tokens, stablecoins, and emerging central bank digital money solutions.
Dan Phillips, executive director, markets digital assets, J.P. Morgan, says: 鈥淥wnera is offering a key utility to enable meaningful growth in the institutional DLT ecosystem.
鈥淲e look forward to further supporting our clients鈥� intraday repo needs, utilising new pools of collateral in collaboration with both HQLAX and Ownera.鈥�
Richard Glen, solutions architect lead, HQLAX, adds: 鈥淭his solution transforms how clients manage intraday liquidity, offering precision and speed as well as certainty and control.
鈥淭his is a crucial, foundational step towards a truly interconnected and highly efficient global repo market.鈥�
Repo traders are now able to exchange cash at J.P. Morgan and collateral at HQLAX intraday, with settlement and maturity times specified to the minute.
The first phase of the solution is now live with executed transactions reaching up to US$1 billion in trading volume per given day, with expected future volume growth, the firms say.
Ami Ben-David, CEO and founder of Ownera, comments: 鈥淚ntraday repo represents one of the clearest and most compelling use cases for tokenised assets, and reaching daily trading volumes of up to US$1 billion is an exciting validation of the model鈥檚 scalability.鈥�
The solution aims to facilitate the exchange of ownership of securities on the HQLAX platform for cash settled on J.P. Morgan Digital Financing application via blockchain deposit accounts on J.P. Morgan鈥檚 Kinexys.
While digital solutions have recently gained market prominence, the firms say there is a need for interoperability and precise cash and securities settlement.
Ownera鈥檚 routing technology has enabled J.P. Morgan and HQLAX to orchestrate the full lifecycle of repo transactions, from execution through the delivery-versus-payment (DvP) exchange of collateral and cash across ledger platforms with precise settlement.
This is intended to help repo participants optimise their intraday liquidity.
Ownera鈥檚 routers connect market participants peer-to-peer (P2P) using the open FinP2P protocol, delivering application-layer orchestration across digital platforms.
According to Ownera, the full potential of the solution lies in its scalability as digital solutions gain traction across institutional financial markets.
Designed from the outset to operate at an industry-wide level, the platform reduces market fragmentation by supporting potential future extension to multiple trading venues, collateral sources, and digital cash instruments 鈥� potentially including deposit tokens, stablecoins, and emerging central bank digital money solutions.
Dan Phillips, executive director, markets digital assets, J.P. Morgan, says: 鈥淥wnera is offering a key utility to enable meaningful growth in the institutional DLT ecosystem.
鈥淲e look forward to further supporting our clients鈥� intraday repo needs, utilising new pools of collateral in collaboration with both HQLAX and Ownera.鈥�
Richard Glen, solutions architect lead, HQLAX, adds: 鈥淭his solution transforms how clients manage intraday liquidity, offering precision and speed as well as certainty and control.
鈥淭his is a crucial, foundational step towards a truly interconnected and highly efficient global repo market.鈥�
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