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Citi Securities Services has recently achieved a significant milestone by becoming the inaugural digital custodian participant in the BondbloX Bond Exchange network.
The collaboration, revealed through a press announcement on Sept. 14, will allow Citi to enhance bond trading accessibility for a broader segment of the investor community.
Citi’s Engagement with Bondblox
Established in 2020, the Bondblox Bond Exchange is a platform that utilizes distributed ledger technology to facilitate bond investments by fractionalizing full-sized bonds, thereby democratizing access to bond trading.
The relationship between Bondblox Exchange and Citi commenced in 2021 when Citi was appointed as the custodian for the bonds issued and traded on the latter’s exchange.
This enhanced partnership will offer various advantages for Citi’s clients and other BBX participants, such as access to digital custodial services, broader access to the global bond market, and immediate atomic settlement at the time of trade execution.
This BBX-Citi collaboration will enable eligible clients to trade both fractional and full-sized bonds on BBX, with Citi delivering comprehensive settlement and custody services.
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<pregarding the partnership, matthew bax, global head of custody for citi securities services, stated;
“Today’s announcement demonstrates our commitment to investing in the future of digital financial market infrastructure (FMI) by building products and services to support the current and future needs of our clients… We are committed to partnering with BondbloX on their journey to transform and simplify bond trading and investing.”
Dr. Rahul Banerjee, co-founder and CEO of BondbloX, commented on the partnership, emphasizing how digital custody will contribute to the transformation of the bonds market by introducing a layer of transparency and accessibility. Dr. Banerjee noted that the collaboration with Citi will allow the latter’s clients to experience the full advantages of bond trading.
Citi Looking Ahead
Citi reaffirmed its dedication to the future of digital financial market infrastructure (FMI) by creating innovative products and services. Matthew Bax, Global Head of Custody for Citi Securities Services, underscores the firm’s partnership with BondbloX, which aims to transform bond trading and investing.
With around $27.8 trillion in assets under custody, administration, and trust globally, along with a leading proprietary network covering over 60 markets, Citi Securities Services maintains its commitment to offering cross-border support.
In a potential effort to secure its future, Citigroup is implementing significant in-house managerial and structural changes—the largest in the last 25 years. Reports indicate that this reorganization will result in job reductions as the bank seeks to streamline its operations.
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