Citi Securities Services has achieved a significant milestone by becoming the first digital custodian participant of the BondbloX Bond Exchange network. This partnership aims to make bond trading more accessible to a larger part of the investor community. Launched in 2020, BondbloX Bond Exchange utilizes distributed ledger technology to fractionalize full-sized bonds, democratizing access to bond trading.
The collaboration between BondbloX Exchange and Citi began in 2021 when Citi was selected as the custodian for the bonds issued and traded through the exchange. This expanded relationship will offer various benefits to Citi’s clients and other BBX participants, including access to digital custodial services, wider access to the global bond market, and immediate atomic settlement at the point of trade execution.
Matthew Bax, the Global Head of Custody for Citi Securities Services, expressed the commitment to investing in the future of digital financial market infrastructure (FMI) through this partnership. He stated, “We are committed to partnering with BondbloX on their journey to transform and simplify bond trading and investing.”
Dr. Rahul Banerjee, the co-founder and CEO of BondbloX, emphasized the role of digital custody in revolutionizing the bonds market by adding transparency and accessibility. He mentioned that the partnership with Citi will enable Citi’s clients to experience the full benefits of trading bonds.
Citi reaffirmed its dedication to the future of digital financial market infrastructure (FMI) by developing innovative products and services. With approximately $27.8 trillion of assets under custody, administration, and trust worldwide, Citi Securities Services continues to provide cross-border support.
In a move to secure its future, Citigroup is undergoing significant managerial and structural changes, marking the largest reorganization in the past 25 years. This restructuring is expected to lead to job cuts as the bank aims to simplify its organizations.
(Source: [Business Wire](https://www.businesswire.com/news/home/20230914379551/en/), [Reuters](https://www.reuters.com/business/finance/citigroup-starts-layoff-talks-after-management-overhaul-sources-2023-09-14/))
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