The International Capital Market Association (ICMA) has been named as the lead for the fixed income workstream within Project Guardian.
Project Guardian was launched as a collaborative effort between international policymakers and industry leaders to explore digital solutions that can modernise financial infrastructure.
It has been spearheaded by the Monetary Authority of Singapore (MAS) to improve financial market liquidity and efficiency through asset tokenisation.
A key component of this initiative, the Guardian Fixed Income Framework (GFIF), was introduced in November 2024 to provide structure and security for digital transformation in fixed income markets across Asia-Pacific and beyond.
ICMA’s leadership in the fixed income workstream will concentrate on two key areas: Delivery versus Payment (DvP) settlement and custody arrangements for tokenised debt securities. The organisation will draw upon its expertise, including its DLT Bonds Reference Guide, to ensure that the integration of distributed ledger technology (DLT) into bond markets promotes funding reliability while preventing market fragmentation.
Gabriel Callsen, senior director at ICMA, said the institution was honoured to lead the workstream.
“We look forward to working closely with industry participants to facilitate the scaling of DLT-based bond markets, furthering interoperability and efficiency within global capital markets,” he said.
ICMA’s involvement underscores its ongoing commitment to digital innovation and fintech development, aligning with its broader strategy to enhance the resilience and functionality of international capital markets.
For further details on ICMA’s fintech initiatives and its work with distributed ledger technology, visit the organisation’s official website.
