Citi, alongside Northern Trust, has been appointed by BondEvalue to join the BondbloX Bond Exchange (BondBloX) as an asset servicing provider for the underlying bonds, which trade as fractional assets.
BondEvalue launched the world’s first fractional bond exchange in October 2020 after graduating from the Monetary Authority of Singapore’s Sandbox Express programme as a Recognized Market Operator.
The BondbloX platform combines distributed ledger technology (DLT) to enable enhanced transparency and liquidity, while making institutional grade investment opportunities available to new classes of investors.
Chris Cox, global head of data and digitisation and strategic projects, and Europe Middle East and Africa, head of securities services at Citi, affirms: “BondEvalue’s decision to appoint Citi as a custodian is a recognition of our investment in areas such as blockchain and DLT as well our commitment to continuous innovation.”
Justin Chapman, global head of market advocacy and innovation research at Northern Trust, cites: “Our partnership with BondEvalue has enabled access to a wider group of investors to the bond market. We are pleased that Citi has joined us as a strategic partner with BondEvalue to collaborate on this market development.”
Rahul Banerjee, founder of BondEvalue, comments: “We’re excited to welcome Citi in addition to Northern Trust as a strategic partner to the BondEvalue ecosystem. With these two powerhouses, we can reach all major players and jurisdictions in the bond market.”
“Leveraging our partners’ joint innovation initiatives, this fractional bond exchange will transform the bond market. It provides global investors with the ability to trade bonds electronically and settle instantly,” says Banerjee.
Citi recently partnered with Sharegain to launch a "first-of-its-kind" fully-automated securities lending solution for the bank's wealth management custody clients.
