RBC Clearing & Custody partners with OpenYield 15 August 2024US Reporter: Klea Neza
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RBC Clearing & Custody will now provide clearing services to OpenYield, a new bond marketplace located in New York City.
As the first alternative trading system on the RBC Clearing and Custody platform, OpenYield offers automatic execution for fixed-income securities without restrictive minimum trade sizes or fees, the firm says.
OpenYield aims to provide an efficient entry to the bond market for participants servicing retail customers.
David Aronow, business development manager at RBC Clearing & Custody, comments: “OpenYield is an exciting start-up with the potential to add significant value to all participants in the fixed-income securities market.
“We are thrilled they have chosen RBC Clearing & Custody to serve their clearing needs — both at their inception and as they grow market share.”
Jonathan Birnbaum, founder and CEO of OpenYield, adds: “By modernising the bond trading protocol, OpenYield aims to generate a high volume of tickets, necessitating a trusted clearing broker who is both highly reliable and tech-forward.
“We view this clearing relationship as the start of a broader collaboration across their leading fixed income franchise.”
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