What HQLAx does

HQLAx (legal name HQLAX S.à r.l.) is a Luxembourg-headquartered financial technology firm founded in 2017 that operates a Distributed Ledger Technology (DLT) platform for frictionless, precise, and real-time transfer of securities ownership in the global securities finance and repo markets. The platform records ownership of securities via Digital Collateral Records (DCRs) held at triparty agents and custodians on behalf of participants, decoupling ownership transfer from physical cross-custody movement of underlying assets. It supports Delivery-vs-Delivery (DvD) securities lending, Delivery-vs-Payment (DvP) repo (intraday and term), and margin management for OTC derivatives and CCPs, and is integrated with BNY Mellon, BNP Securities Services, Citibank, Clearstream, Euroclear, and J.P. Morgan. The technology stack was originally built on the Corda Business Network and is being migrated to the Canton Network using Daml; the platform is JVM-based (Kotlin, Spring Boot, ActiveMQ) and integrates with external systems via REST APIs, message queues, SWIFT, and PKI.

The company monetizes via transaction-based platform fees from Tier 1 banks and asset managers, with a distribution model that is exclusively direct enterprise sales supplemented by ecosystem partnerships with custodians, triparty agents, CCPs (Eurex Clearing), and technology partners (Broadridge's DLR, Ownera, Fnality). Institutional shareholders — many of whom are also customers and board members — include J.P. Morgan, HSBC, Goldman Sachs, BNY Mellon, BNP Paribas, Citigroup, Deutsche Börse Group, UBS, ING, Commerzbank, CIBC, Broadridge, and Digital Asset. The Luxembourg entity is regulated by the CSSF as an IT systems and communication networks operator (support PFS), and in May 2026 HQLAx received an SEC Staff No-Action Letter permitting eligible U.S. broker-dealers and banks to access the platform for 36 months. The company has offices in Luxembourg (HQ), Zug, and London, with active expansion into the U.S. and Australia (via RBA Project Acacia). Co-founders Guido Stroemer (CEO, formerly Global Head of Repo Trading at UBS) and Olly Benkert (Chairman, formerly at Goldman Sachs) lead the firm alongside CFO Geoffrey Arend.

Name

HQLAx

Legal name

HQLAX S.à r.l.

Website

https://hqla-x.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

HQLAx is a Luxembourg-based FinTech firm that uses Distributed Ledger Technology to enable frictionless, real-time transfer of securities ownership for Tier 1 global banks, asset managers, custodians, and central counterparties active in securities finance and repo markets.

Ownership category

akta.pro rank

Headquarters

HQ city

Luxembourg

HQ country

Luxembourg

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Software

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Others

Revenue model

1. Platform Transaction Fees: HQLAx operates as a B2B fintech platform facilitating securities finance and repo transactions. Revenue is generated through use of the proprietary DLT platform by Tier 1 banks and asset managers for collateral mobility, DvD securities lending, DvP repo, and margin management. Specific pricing model not publicly disclosed.
2. Enterprise Platform Licensing / Strategic Investment Tied Funding: Multi-stage venture-funded growth model with capital raised through Series B (J.P. Morgan lead, 2021) and Series C (HSBC lead, April 2024) and Series C-1 (Broadridge and Digital Asset, April 2026). Suggests longer-term enterprise SaaS/platform licensing arrangement to institutional clients.

Pricing tiers

Go-to-market motion3 records

Distribution channels4 records

Marketing channels7 records

Core offering

HQLAx operates a proprietary distributed ledger technology (DLT) platform that enables frictionless, precise and real-time transfer of ownership of securities across disparate collateral pools without requiring physical cross-custody movement of underlying assets. The platform couples DLT with existing triparty and custody infrastructure (BNY Mellon, Clearstream, Euroclear, J.P. Morgan) to deliver Digital Collateral Records (DCRs) used for Delivery vs Delivery (DvD) securities lending, Delivery vs Payment (DvP) repo, and margin management use cases. The platform was originally built on Corda Business Network and is planned for migration to the Canton Network.

Product overview

HQLAx offers a single distributed-ledger technology platform (the HQLAx Platform) with a set of named solution modules and partnership-enabled services layered on top of it. The core HQLAx Platform uses DLT to record ownership of securities without requiring physical movement of underlying assets, integrating with existing triparty and custody infrastructure to deliver frictionless, precise and real-time collateral mobility. On top of this platform, HQLAx offers the DCR Longbox module for cross-agent triparty collateral transfers and three primary solution categories: DvD Securities Lending, Margin Management, and DvP Repo. The platform also underpins partnership-enabled offerings such as the J.P. Morgan / HQLAx / Ownera Cross-Ledger Intraday Repo Solution and the DLT-Enabled Collateral Mobilization Service for Eurex Clearing (delivered with Clearstream). The platform is being evolved through a planned migration to the Canton Network and a collaboration with Broadridge's Distributed Ledger Repo (DLR) platform.

Differentiator

Problem solved

Functional benefit

Products and services

• HQLAx Platform Core distributed ledger platform that couples DLT with existing triparty and custody infrastructure to enable frictionless, precise, real-time transfer of ownership of securities across disparate collateral pools, without requiring physical cross-custody movement of ISINs. Designed for banks and asset managers active in global securities finance and repo markets.
• DCR Longbox (Digital Collateral Record Longbox) Service built on the HQLAx distributed ledger that enables seamless, cross-agent collateral transfers between triparty agents and custodians without triggering cross-custodian settlements, allowing banks to fulfil triparty collateral obligations without moving securities out of home custodians. Extends intra-day settlement windows and supports real-time ownership verification.
• DvD Securities Lending Solution Delivery vs. Delivery solution enabling simultaneous exchange of securities versus securities, reducing intraday credit exposures and liquidity requirements while improving collateral mobility without settlement movement between custodians or triparty agents.
• Margin Management Solution

Quantifiable outcome

• Reduces inefficient collateral management cost of €50m–€100m p.a. for Tier 1 participants
• +4 more outcomes

Named customers17 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

Feature7 records

Partnerships

Ten partnerships are on record, tiered core, minor and flagship.

• Commonwealth Bank of Australia (CommBank)coreStrategic or Co-development Partner · 18 May 2026Collaborated under Project Acacia (RBA + Digital Finance CRC) with J.P. Morgan, ASX and HQLAx. Tested interoperable settlement models combining CBA Deposit Token and wholesale AUD CBDC with tokenized assets on the HQLAx platform.
• ASX (Australian Securities Exchange)coreStrategic or Co-development Partner · 18 May 2026Collaborated with CommBank, J.P. Morgan and HQLAx on RBA Project Acacia trial for interoperable settlement in Australia's $350bn repo market.
• Clifford ChanceminorImplementation/ SI/ Consulting Partner · 6 May 2026Counsel representing HQLAx in the SEC Staff No-Action Letter process (acknowledged by HQLAx CEO Guido Stroemer).
• White & CaseminorImplementation/ SI/ Consulting Partner · 28 April 2026Advised Broadridge Financial Solutions on its strategic minority investment in HQLAx as part of HQLAx's Series C-1 funding round.
• OwneraflagshipTechnology or Integration · 7 August 2025Technology integration partner providing FinP2P routing protocol that connects market participants peer-to-peer, delivering application layer orchestration across digital platforms. Jointly launched cross-ledger intraday repo solution with J.P. Morgan that traded $5bn in first month (up to $1bn daily).
• Eurex ClearingflagshipStrategic or Co-development Partner · 29 July 2025Strategic collaboration to deliver the first CCP globally to launch DLT-Enabled Collateral Mobilization Service (July 29, 2025). HQLAx provides underlying DLT technology; Clearstream as CSD partner; J.P. Morgan as pilot clearing member. Service enables instant non-cash collateral mobilization across Euroclear and Clearstream for IM, VM, and default fund margin.
• ClearstreamflagshipStrategic or Co-development Partner · 23 January 2025Strategic collaboration with HQLAx and Eurex Clearing for DLT-Enabled Collateral Mobilization Service. Marton Szigeti (Global Head - Banking, Funding and Financing) on HQLAx Board. Clearstream serves as the CSD where margin collateral is deposited at Eurex Clearing.
• European Central Bank (ECB)coreOthers · 4 December 2024HQLAx, Clearstream and Eurex Repo facilitated settlement of intraday DvP Repo for Goldman Sachs in ECB trials (December 2024).
• FnalityflagshipStrategic or Co-development Partner · 5 December 2022Co-developed cross-chain repo swap pilot across Corda and Enterprise Ethereum with Banco Santander, Goldman Sachs and UBS (December 2022). Also completed successful end-to-end testing of cross-chain intraday repo settlement (June 2024).
• WematchcoreTechnology or Integration · 13 September 2022Announced collaboration for common clients (September 2022). Jointly demonstrated cross-ledger repo with J.P. Morgan and Ownera (October 2022).

Scale indicators13 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Broadridge Distributed Ledger Repo (DLR): Broadridge's DLR platform processes ~$368bn daily in tokenized real-asset repo volume and is now both an HQLAx strategic investor and co-distribution partner. DLR is the closest direct competitor in the tokenized repo and collateral mobility space, and Broadridge's massive distribution footprint makes it a key benchmark for HQLAx's growth ceiling.
• Fnality: Fnality is a wholesale CBDC / payment infrastructure provider that co-developed the first cross-chain repo swap pilot with HQLAx. It is a direct peer in the cross-chain repo and intraday settlement space and a collaborator in the broader digital asset settlement ecosystem.
• Ownera: Ownera provides the FinP2P routing protocol that orchestrates cross-ledger repo transactions between HQLAx and J.P. Morgan's Kinexys. Ownera competes for adjacent orchestration roles in tokenized securities flows and is a close technical and commercial peer in the cross-ledger collateral mobility stack.
• Partior: Partior is a JPMorgan-co-founded wholesale cross-border payments network built on DLT. It is a peer in the institutional DLT settlement space, with overlapping use cases in tokenized collateral and repo for global banks.

Broad incumbents

• Digital Asset: Digital Asset is the creator of the Canton Network and Daml smart-contract language, and is now a strategic minority investor in HQLAx with a board seat pending CSSF approval. As the operator of the underlying blockchain layer HQLAx plans to migrate to, Digital Asset is both a key enabling partner and a broad incumbent shaping the institutional DLT ecosystem.
• J.P. Morgan Kinexys (formerly Onyx): J.P. Morgan's Kinexys Digital Financing application is the cash-leg counterparty in HQLAx's cross-ledger intraday repo solution. Kinexys is a broader-incumbent institutional blockchain platform owned by a Tier 1 bank, and could in principle absorb HQLAx-style collateral mobility use cases natively, making it both a critical partner and a structural risk.
• R3 Corda: R3's Corda platform is the original foundation HQLAx was built on and remains a competing enterprise DLT network in capital markets. R3 is a broad incumbent in the institutional DLT infrastructure layer from which HQLAx is actively migrating.

Emerging players

• SETL (Ipreo / ION): SETL was a pioneer in DLT-based securities settlement and was acquired by ION Group. It remains an emerging but adjacent peer in the tokenized securities infrastructure space, serving similar institutional clients in capital markets.
• Clearmark: Clearmark is a digital collateral mobility platform built on DLT for the securities finance industry. It is an emerging direct peer targeting the same collateral mobility pain points that HQLAx addresses for Tier 1 banks and asset managers.

Others

• Chainlink Labs: Chainlink provides cross-chain interoperability infrastructure (including CCIP) used by many institutional tokenization efforts. It is an enabling ecosystem participant in the broader tokenized collateral and cross-ledger settlement architecture, comparable as adjacent infrastructure rather than a direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries2 records

Funding overview

Funding rounds5 records

Investors10 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about HQLAx