RBC Clearing & Custody has announced that it will provide clearing services for OpenYield, a new bond marketplace based in New York City. This partnership marks the first time an alternative trading system (ATS) has joined the RBC Clearing & Custody platform, announces RBC in a press release.
OpenYield aims to simplify access to the bond market by offering automated execution for fixed-income securities without the typical minimum trade sizes or fees. The platform is designed to facilitate low-cost, high-volume bond trading, targeting retail customers through broker-dealers and registered investment advisors (RIAs).
By collaborating with RBC Clearing & Custody, OpenYield seeks to leverage the firm’s established presence in the fixed-income market. RBC will provide the necessary clearing functions to help OpenYield scale its operations.
Jonathan Birnbaum, Founder and CEO of OpenYield, expresses confidence in RBC’s ability to handle the platform’s anticipated transaction volumes. Birnbaum views this clearing agreement as the foundation for a broader collaboration with RBC’s fixed-income division.
