Deutsche Boerse, Deutsche Bundesbank and Germany’s Finance Agency conduct DLT-based securities settlement in central bank money.
The mandate advances Citi’s objective to evolve its securities services operating model and capabilities to cater for digitised products.
A new white paper highlights the benefits of moving to a T+1 settlement cycle and details plans to achieve this in two years.
Axoni’s has raised a total $90 million, with existing investors Citi, Goldman Sachs, HSBC, JP Morgan and Wells Fargo also participating in the latest round.
The repo trade used its in-house developed blockchain application, Onyx, supported by instantaneous settlement to swap digitised US Treasury bonds for JPM Coin
The new role comes as a growing number of banks step up their exploration of DLT solutions and servicing tokenised assets.
German banks await the potential regulatory go-ahead to offer custody and other post-trade services for digital assets.
New apps designed to give market participants in APAC real-time access to ASX and HKEX’s new DLT-based settlement platforms.
Asset managers, custodians and other industry participants cited legacy tech and data quality as the biggest challenge to achieving full corporate actions automation.
The tokenisation of bonds will provide investor access to harder-to-reach securities such as emerging and frontier market debt.