Bond marketplace OpenYield has joined the RBC Clearing & Custody platform, the first alternative trading system (ATS) to do so.
OpenYield, launched in 2022, provides automatic execution for fixed-income securities without minimum trading sizes or fees. This facilitates efficient entry to the bond market for those servicing retail customers, it stated.
Using RBC’s fiscal strength, position in the fixed income space and relationship-based support, OpenYield aims to grow the business and increase its market share.
Jonathan Birnbaum, founder and CEO of OpenYield, explained what drove the partnership. “By modernising the bond trading protocol, OpenYield aims to generate a high volume of tickets, necessitating a trusted clearing broker who is both highly reliable and tech-forward,” he said. “We are delighted to select RBC to power this crucial part of our business. We view this clearing relationship as the start of a broader collaboration across their leading fixed income franchise.”
David Aronow, business development manager at RBC Clearing & Custody, added: “OpenYield is an exciting start-up with the potential to add significant value to all participants in the fixed-income securities market. We look forward to supporting their business goals strategically by providing innovative technology, world-class products, attentive service and access to the capabilities of the broader RBC enterprise.”
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