When it comes to intelligent design and innovation, it can seem like the equities market gets all the love. Following that, not too closely, is the fixed-income market, which has been “electronifying” for years, but which still commonly relies on phone calls, paper, and interpersonal relationships to get trades done. The repo market, however, is an area that market participants say is long overdue for tech disruption.

A repo, or repurchase agreement, is a kind of short-term borrowing for