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Barclays RepoHack 2023
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Barclays RepoHack 2023

An exciting opportunity for market participants to code and
showcase solutions that explore novel industry architectures for repo post-trade services.

27 – 28 September 2023

In-person event at Barclays Rise London, 41 Luke St, London, EC2A 4DP.

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The event

Join us to participate in an exciting industry hackathon to code and showcase solutions that explore novel industry architectures for repurchase agreement (repo) post-trade services. A repo is used for securities financing transactions that allow firms (e.g. banks, broker-dealers) to borrow cash and allow investment firms (e.g. money market funds) to lend cash at reduced risk because securities are used as collateral. Repos play a critical role in the daily funding, collateral management and liquidity management of institutional portfolios, and also in the operational and policy directives​ of central banks. The repo market is significant with daily turnover in the UK and the EU totalling over 130,000 transactions with value over £3.4 trillion.

In this hackathon, you will leverage FINOS' Common Domain Model (CDM) industry standard and Barclays-provided APIs in order to prototype your solutions. All of this has the potential to improve efficiency in post-trade processing.

Following our previous industry hackathons on the CDM (Barclays DerivHack 2018 and Barclays DerivHack 2019), we are excited to host Barclays RepoHack 2023. We are collaborating with the International Capital Market Association (ICMA), International Securities Lending Association (ISLA), International Swaps and Derivatives Association (ISDA) and the Fintech Open Source Foundation (FINOS) for this event. We invite industry practitioners (banks, market infrastructures, corporates, fintechs, etc.) to register for the event by 18 August 2023.

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The challenge

This hackathon will explore novel industry architectures for repo post-trade services. Current solutions are complex and inefficient, partly because each market participant typically builds, operates and maintains its own repo trade management infrastructure. Each market participant interacts in a complex ecosystem including dealers, clients, trading and middleware facilities, and market infrastructure services for clearing, settlements, collateral management and regulatory reporting.

The industry challenge is to create an industry-wide data architecture and technology solution that can streamline the trade flows and deliver tangible operational efficiencies. In this hackathon, participants will be given a series of challenges, comprising use cases with increasing complexity. To solve these challenges, participants will leverage the CDM process standards for repo as the core representation for trade events and also leverage Barclays-provided APIs for the ecosystem interactions.

The following diagram shows a high-level functional view of repo trade processing:

The hackathon challenges include coding various steps in the lifecycle of post-trade processing of repo transactions. The focus is on interactions between the counterparties and the market infrastructure services. The aim is to prototype technology solutions that ensure the trade and process data is consistent and accurate across the industry, which includes dealers, clients, and market infrastructures.

The hackathon participants will simulate the different roles in this ecosystem, and Barclays will provide the necessary infrastructure to support their solutions. The outcomes could include data platforms for trade management that deliver a consistent and accurate inventory of trades and a history of trade events processed by the market participants.

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The event timeline

Registration is now open and will close on 18 August 2023. Useful resources (including briefings, training materials and API specifications) will be shared with participants on 13 September 2023, together with some initial pre-work (including platform set-up) to be completed before the hackathon event. The event itself will run over two days at Barclays Rise London on 27 – 28 September 2023.

Key Dates for Barclays RepoHack 2023

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You are invited

Teams are invited to register here for the event. Join us to innovate, learn and network with experts.

For further information, please contact: BarclaysRepoHack2023@barclays.com

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