Northern Trust Collaborates on Blockchain-based Bond Trade

Northern Trust and BondEvalue announced the completion of the first trade of a fractionalized blockchain-based bond, according to a story in MarketsMedia news.  The trade of a blockchain-based bond, known as BondbloX, was executed on BondEvalue’s platform with Northern Trust as the exclusive asset servicing provider. This comes after the two parties established a strategic partnership in November 2019 to deliver integrated asset servicing and digital solutions for fractional ownership of fixed income bonds operating from the Monetary Authority of Singapore’s Sandbox Express. Northern Trust is providing securities services for the wholesale bonds and will support receipt of investments and payments of redemptions for the platform in a wide array of currencies. In what is believed to be a first for the industry, Northern Trust has built the capability to communicate cash & securities settlement reporting directly to BondEvalue’s DLT platform via an application programming interface (API).