Broadridge tokenisation push adds Kraken as a new client

Broadridge tokenisation work announced a new client, Kraken parent Payward, on the company's first-quarter fiscal 2027 earnings call yesterday. Chief executive Tim Gokey said Broadridge will provide the core governance layer for the NYSE planned tokenised equity marketplace and digital transfer agency services for issuers.

Broadridge tokenisation governance layer for every equity model

Gokey called tokenisation "a significant driver of change across the industry". Broadridge is extending its governance layer to all tokenised equity models and says it is not picking a winning model.

The clients he named were Kraken Payward, which is new, Ondo and Alpaca, which are existing. Kraken and Ondo also plan a custodial model in the US and Gokey said the many models add complexity for issuers and intermediaries.

He expects most holdings to sit with wealth managers, which he said resembles Broadridge's existing beneficial model, and expects tokenised positions to be processed at economics equal to or better than today's. Just two days ago, NYSE named Broadridge, Computershare, Equiniti and Superstate as transfer agents for its planned venue alongside existing partners Securitize and tZERO. This earlier post on Broadridge voting covers the governance side, the tZERO listing plan covers one of the partners, and the NYSE and Blockchain.com distribution deal shows how that venue plans to reach buyers.

Distributed ledger repo and the DTCC tokenisation service

Broadridge are doing well and their distributed ledger repo product now supports cross-border atomic settlement for G7 securities and tokenised US Treasuries. Gokey expects "further significant increases" in volumes over the next six months, based on signed clients now in implementation. No volume figures were given.

A second platform, DLX, links tokenised and traditional markets, and its first use case supports the DTCC tokenisation service. Broadridge is leading a user group of nearly two dozen institutions for that service, and Gokey said he expects more market infrastructure announcements. He added that the SEC innovation exemption explicitly preserves shareholder rights, including voting and dividends and allows tokenised securities venues, which face volume limits, and he said the speed of adoption is unclear.

What the margin and Canton figures show on tokenised equity costs

Adjusted operating margin fell by 200 basis points to 13.8 per cent and Chief financial officer Ashima Ghei cited higher investment in platform, tokenisation and AI.

Overall, the call gave no insight on tokenisation-specific revenue or cost figures. The investment sits inside a three-part bucket, so the cost of the tokenised equity push cannot be isolated from the figures given.

Broadridge also recorded a $40 million non-cash loss on its digital asset holdings in Canton and excluded it from adjusted earnings per share.

For a UK founder choosing a transfer agent or register provider for tokenised shares, the call offers one test. Ask whether the provider's governance and voting layer works with every issuance model, as Broadridge says its own does, or only with the provider's own.

The counter argument is that neutrality is easier to claim before volumes arrive. With no tokenisation revenue disclosed, the commercial weight of Broadridge's position is untested, and venues under the exemption face volume limits.

Key takeaways

• Broadridge named Kraken parent Payward as a new tokenisation client on 3 November 2026, alongside Ondo and Alpaca.

• Broadridge says it will supply the core governance layer for the NYSE planned tokenised equity marketplace and digital transfer agency services for issuers.

• Its distributed ledger repo product now supports cross-border atomic settlement for G7 securities and tokenised US Treasuries, with no volume figures given.

• Adjusted operating margin fell from an implied 15.8 per cent to 13.8 per cent, with no tokenisation-specific cost disclosed.

• UK founders should ask any tokenised share register provider whether its governance layer works across every issuance model.