Which Platforms Facilitate Repo Using Tokenised Money Market Funds?

Broadridge's DLR and J.P. Morgan's Kinexys are the two commercial DLT repo platforms that ICMA's June 2026 report names, and both serve their operators' existing institutional customers. BPX is an FCA-authorised UK marketplace where member institutions pledge eligible investment funds and real-world assets as repo collateral, with each instrument admitted to our repo market first.

Which DLT repo platforms exist, and who can use them?

The International Capital Market Association (ICMA) names Broadridge's DLR and J.P. Morgan's Kinexys as notable commercial DLT repo platforms. Its report describes both as "walled gardens" that serve only their operators' existing institutional customers. A new institution therefore needs an existing relationship with the operator before it can use either one.

ICMA published that first part of its DLT repo report on 4 June 2026. The same finding does not establish whether either platform accepts tokenised money market funds as collateral. That is a separate question, and any institution holding fund tokens should put it to the operator directly.

The practical picture is that a tokenised money market fund can only be repo collateral on a venue that has admitted it, to counterparties who are members of that venue. Open membership matters as much as the technology.

How does repo against a tokenised fund work on BPX?

On BPX, a member institution pledges eligible assets, including investment funds and real-world assets, as collateral to raise short-term liquidity. The holder avoids selling the asset and avoids triggering a sale or tax event. Trading and lending sit together in one FCA-authorised marketplace.

Our collateralised lending service runs inside the same venue as primary issuance, secondary trading and custody. Contractual rights and obligations are embedded in composable workflows, so a static holding becomes mobilised collateral without leaving the regulated framework. The result is liquidity, flexibility and yield opportunities for the holder and for the cash provider.

Admission comes first. Our issuance and admission service covers admission to both secondary markets and repo markets. It is built for fund managers, real-asset sponsors and institutional issuers, and it shortens time-to-market and widens investor reach. A fund token that has been admitted can be traded in secondary and, once admitted to repo, used as collateral. Whether a specific tokenised money market fund qualifies is settled at admission, instrument by instrument, with our team through the contact page.

BPX is authorised by the UK FCA to operate a Multilateral Trading Facility and to act as an Alternative Investment Fund Manager. We are also registered by the FCA as a cryptoasset firm. We were the first hybrid trading venue accepted into the Bank of England and FCA Digital Securities Sandbox, approved into Gate 1.

What limits the use of tokenised money market funds as collateral?

Wallet eligibility is the main practical constraint. The Bank for International Settlements reports in BIS Bulletin 115 that tokenised money market funds use blockchain-wallet allow-lists to restrict peer-to-peer transfers. A counterparty's wallet has to be eligible before fund tokens can move to it.

For repo, that means the collateral taker and the cash provider both need approved wallets before settlement can happen. A venue that onboards members, verifies them and connects them to custody solves much of this in one place. Our membership journey runs Onboard, Connect, Transact, and the membership page sets out the member agreement and application form.

Documentation is the second constraint. ICMA's GMRA Digital Assets Annex provides standard contractual terms for repo collateralised by digital securities, including tokenised traditional securities. It also covers repo where the purchase or repurchase price is paid in digital cash. Counterparties compare any venue's legal terms against that market standard.

What should you ask any repo venue before pledging a tokenised fund?

Ask whether the specific fund token is admitted as eligible collateral, who the eligible counterparties are, and how wallet allow-listing, custody and settlement work. A venue that answers each of these in writing, under regulated terms, gives you a workable basis for pledging.

Use this checklist with any platform, ours included:

• Eligibility of the instrument: is this exact fund token admitted to the repo market?
• Counterparty access: can you join as a member, or does access depend on an existing customer relationship?
• Wallet and transfer rules: how are allow-lists managed for both sides?
• Custody: where do the tokens sit while pledged?
• Legal terms: which master agreement and annex govern the trade?
• Settlement: how does delivery against payment work for digital and traditional legs?

Our answers follow from how BPX is built. Our custody and client money service covers safekeeping, administration and management of digital assets and client money. Our traditional and digital markets service spans both traditional and tokenised securities, and we are working toward supporting Digital DVP settlement. Our fund management service lets issuers launch, admit and manage new and existing Alternative Investment Funds inside the same framework.

Who can join BPX to use repo?

BPX membership is intended for investment, pension, hedge, mutual and sovereign wealth funds, wealth managers, private banks, insurance companies and family offices. Our services are intended for UK residents only. Institutions join through a single marketplace for trading alternative and digital assets, covering digitally native and twin assets.

Once admitted, members reach the full lifecycle through our markets and trading services: primary market participation in new issues, private credit opportunities and tokenised securities, then secondary trading, then repo. Institutions can also connect through API market access. Pre-trade and post-trade transparency, market data, a reference library with market notices and a UK bank holiday calendar for 2026 support daily operation.

Frequently asked questions

Does a tokenised money market fund need to be admitted before it can be pledged on BPX?

Yes. Admission to our repo market is part of our issuance and admission service, alongside admission to secondary markets. An issuer or fund manager sets this up with our team, and the outcome determines whether a given instrument can be used as repo collateral. Contact us with the fund's details to start the conversation.

Why does repo help a holder of fund units or tokens?

Repo lets an institution pledge an eligible holding to access short-term liquidity without selling the asset and without triggering a sale or tax event. On BPX, trading and lending co-exist in one regulated marketplace, so the same venue that holds the position can mobilise it as collateral.

What documents does an institution need to join?

The membership page provides a member agreement and a membership application form. Our onboarding steps are Onboard, Connect, Transact. Our team is available Monday to Friday, 08:00 to 16:30, on +44 203 005 4499 or at [email protected]. Read our risk warning before you apply.

If you hold a tokenised money market fund, or manage one, and want to know how repo against it would work on BPX, send us the fund details and your requirements through the form below this article, and our institutional markets team will reply.