The first intra-day repo transaction implemented with the Common Domain Model on Canton Network delivers programmable collateral mobility and near real-time settlement finality

Tokenovate, the post-trade workflow automation company, announced the successful execution and settlement of an intra-day repurchase agreement (repo) on the Canton Network using the FINOS Common Domain Model (CDM), with cash settlement conducted in USDC issued by Circle and expressed as USDCx Reserve on the Canton Network. Tokenovate has also joined the Canton Foundation as a General Member, deepening its commitment to building programmable post-trade infrastructure within the Canton ecosystem.

The transaction represents a significant step toward more automated and interoperable repo market infrastructure, as growing demands around intraday liquidity management, collateral mobility and shorter settlement cycles place increasing pressure on traditional post-trade processes. The initiative reflects broader global market efforts to modernise financial infrastructure following the U.S. transition to T+1 settlement and ahead of similar reforms across the UK and Europe.

Tokenovate implemented the full lifecycle of the repo transaction using CDM-native event and state management, including trade representation, lifecycle processing, collateral movements, and coordinated settlement of both transaction legs. The demonstration was conducted in a controlled environment and aligned with established market documentation, ensuring consistency between the digital workflow and recognised legal standards for repo transactions.

By combining the CDM with tokenised cash and distributed ledger infrastructure, the transaction highlights how financial institutions can support intraday liquidity management, faster collateral mobility, and operational resilience as markets transition toward T+1 and increasingly automated settlement models.

“Financial markets are moving toward a more automated and interoperable operating model, where legal rights of tokenised assets and digital cash can benefit from standards-based workflow orchestration, and seamlessly operate across traditional and digital infrastructure,” said Richard Baker, Founder and CEO of Tokenovate. “This intra-day repo transaction on our platform demonstrates how native CDM, the Canton Network, and tokenised cash and securities can work together to deliver highly scalable, repeatable, yet programmable post-trade workflows, as well as more efficient collateral movement in regulated financial markets.”

“Intra-day repo is exactly the kind of market activity Canton was built to support. Institutions need assets and cash to move together quickly without sacrificing privacy, control or existing market standards,” said Georg Schneider, Global Head of RWA at Digital Asset. “Tokenovate’s work shows how onchain infrastructure can support more efficient financing and liquidity management as markets move toward faster, more continuous settlement.”

“There’s no doubt that the shift to a more automated, digital infrastructure will bring important liquidity management and collateral mobility benefits, but those efficiencies will be limited without interoperability across firms and platforms. Implementing the CDM within a distributed ledger environment enables market participants to automate complex post-trade processes using a common framework for representing trades and lifecycle events, bringing standardization and scale,” said Scott O’Malia, ISDA’s Chief Executive.

The initiative forms part of Tokenovate’s broader strategy to deliver programmable post-trade infrastructure, which automates lifecycle management, collateral processing, settlement orchestration, and regulatory workflows across capital markets. As a General Member of the Canton Foundation, Tokenovate will participate in the governance and development of the Canton ecosystem alongside leading global financial institutions.

Built on the FINOS Common Domain Model, Tokenovate provides a unified trade and lifecycle record that enables interoperable automation across custodians, market infrastructures, asset managers, and digital settlement networks. As firms prepare for accelerated settlement cycles and growing adoption of tokenised financial assets, the ability to coordinate lifecycle events and settlement activity through standardised workflows is expected to become increasingly important across repo, collateral, derivatives, and securities markets.

Source: Tokenovate