This press release was originally issued by RBC Clearing & Custody.
MINNEAPOLIS, Aug. 12, 2024 — RBC Clearing & Custody, a top clearing firm for broker-dealers and registered investment advisors (RIAs) in the U.S., announced today that they will provide clearing services to OpenYield, a new bond marketplace located in New York City.
As the first alternative trading system (ATS) on the RBC Clearing & Custody platform, OpenYield offers automatic execution for fixed-income securities without restrictive minimum trade sizes or fees, which provides an efficient entry to the bond market for participants servicing retail customers.
OpenYield is looking forward to seamlessly growing its business by leveraging RBC’s fiscal strength, stature in the fixed-income space and relationship-based support. Through automation, it enables subscribers to trade bonds easily and at a low execution cost.
“OpenYield is an exciting start-up with the potential to add significant value to all participants in the fixed-income securities market. We are thrilled they have chosen RBC Clearing & Custody to serve their clearing needs – both at their inception and as they grow market share,” said David Aronow, Business Development Manager at RBC Clearing & Custody. “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.”
Jonathan Birnbaum, Founder and CEO of OpenYield, added: “By modernizing 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. 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.”
“RBC Clearing & Custody continues to invest in technology and people to support our goal of being the best institutional clearing provider,” says Brett Thorne, President of RBC Clearing & Custody. “This new relationship with OpenYield reflects our commitment to excellence in the institutional market space and our intent to work with the best broker-dealers.”
About RBC Clearing & Custody
RBC Clearing & Custody provides clearing, custodian and execution services for independent broker-dealers and registered investment advisors. A leader in the U.S. brokerage industry since 1909 and a custody and clearing leader since 1979, RBC Clearing & Custody specializes in delivering innovative technology, fiscal strength, world-class resources and attentive service to help financial services providers accomplish their business goals.
RBC Clearing & Custody is a division of RBC Capital Markets LLC, member NYSE/FINRA/SIPC, a wholly owned subsidiary of Royal Bank of Canada (RBC), one of the world’s largest and strongest banks. For more information, please visit www.rbcclearingandcustody.com.
About OpenYield
OpenYield Inc., through its wholly owned subsidiary, OpenYield Trading LLC, is a cutting-edge bond marketplace delivering an equity-like trading experience with leading economics. Our platform offers automated liquidity for corporate bonds, municipal securities, and Treasurys. For brokerages, advisors, and asset managers seeking scalable fixed income solutions, OpenYield is the bond market you’ve been waiting for. Explore the future of bond trading at www.openyld.com.
Securities products and services are provided by OpenYield Trading LLC, member FINRA/MSRB/SIPC and a wholly owned subsidiary of OpenYield Inc.
