Blockchain Bond Trading is carried out using the blockchain technology which provides a multichannel secure and transparent trading system. To understand the bond trading through blockchain, let us first understand blockchain.
Blockchain is essentially a system to record information through a chain of blocks. The chain of blocks is dynamic and keeps growing whenever a new information is added or an older information is modified forming the equivalent of a digital ledger. It consists of a list of records stored individually in the form of blocks which are linked in a chronological order. The records or blocks of information are added and duplicated and then distributed across different networks in such a way that any time a new block is added (new record or modified record), the information is added to each of the participant’s ledger. This results in a decentralized database which is managed by stakeholder participants. Hence, the information available to all participants can’t be manipulated making the system very transparent.It also makes the system hacker proof since the hacker will have to hack different accounts across different networks. This system of information storage in blocks across networks is known as Distributed Ledger Technology (DLT) which is the underlying fundamental for blockchain.
Bonds Trading has traditionally been carried out Over the Counter (OTC). The fixed income securities have been transacted via a network of dealers without the supervision of an exchange. This type of trading is bilateral and there is no obligation on the counterparties to provide the details of the transaction unlike in an exchange trade which has real time data available on the trade for the listed companies. Any company can undertake such trade even if it does not quality the criteria to be listed on an exchange. Thus, OTC brings additional liquidity to the market, however at the cost of opaque transactions and credit-risk concerns regarding the counterparty. The trade of traditional bonds is also of very high value due to the minimum price and size of the bond deals.
Bondblox is a Blockchain Bond Trading which has been launched by Singapore based Fintech, BondEvalue. This is the first of its kind initiative in which BondEvalue aims to connect the end investor to the issuer through a partner bank in a B2B2C model. The platform charges a flat fee of $2/trade on Bondblox. The partner banks include UOB Kay Hian and Taraus Wealth Advisors and the custodian bank for the bonds is Northern Trust Bank. BondBlox is a blockchain bond trading platform which allows the bonds to be traded like equities over an exchange. The advantages of the platforms include transparent bonds prices, instant settlement, and a fully digital experience. The platform also fractionalizes the bonds which makes the purchase of the bonds much more affordable for small investors who could start investing with as little as $1000. The blockchain bond trading ensures that the ownership is maintained across distributed ledgers while the underlying bond assets are safeguarded by traditional custodians leading to enhanced assets safety.
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