Citi Securities Services has become the first digital custodian participant of BondbloX Bond Exchange (BBX), the world’s first fractional bond exchange using distributed ledger technology.
The partnership will allow Citi’s clients to trade fractional and full-sized bonds on BBX, with Citi providing settlement and custody services.
BBX claims the partnership with Citi will allow users gain wider access to the global bond market enabling greater diversification of their investment portfolios, and immediate, atomic settlement at the point of trade execution.
“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,” said Matthew Bax, global head of custody for Citi Securities Services. “We are committed to partnering with BondbloX on their journey to transform and simplify bond trading and investing.”
Elsewhere at the bank, Kristine Braden, chief executive of Citigroup’s operations in Europe, has said that she is to leave the firm after 25 years.
Braden will leave the firm after a number of organisational reforms at the bank in order to meet commitments to shareholders.
Braden held a number of senior roles at the firm, which included heading up the Citigroup Global Markets Europe AG unit.
"I have had an incredible 25-plus years with Citi living and working in 10 different countries. Citi let me fulfil my dream of an international career. I wouldn’t change that for the world," said Braden in an emailed statement to Reuters.
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