Citi Releasing Blockchain Spot FX Trading Application
(15 November 2023 – Singapore) Citi has developed an innovative blockchain solution applying distributed ledger technology (DLT) to price and book bilateral Spot FX trades.
Citi’s on-chain solution provides real-time streaming of pricing while recording trade executions on a blockchain, which supports the immutable, cryptographically secure record-keeping of trade data. The application is a part of Project Guardiani, a collaborative initiative by the Monetary Authority of Singapore (MAS) and the financial sector.
“We are taking steps towards building foundational capabilities to offer liquidity, pricing and risk management to our global clients wherever they choose to trade, be it on traditional rails or on blockchain” said Citi Head of FX Sales, Sam Hewson.
“While blockchains have demonstrated promise for streamlining post-trade processes, our objective is to drive improvement at all stages of the trade life cycle, including pre-trade and execution” commented Citi Co-Head of Digital Assets for Markets, Shobhit Maini.