The International Capital Market Association (ICMA) announced the publication of two key deliverables under the Project Guardian Fixed Income workstream, convened by the Monetary Authority of Singapore (MAS). The reports — a Delivery versus Payment (DvP) settlement guide for DLT-based debt securities and Lessons learned from Custody arrangements for DLT-based debt securities — have been released as an addendum to the Guardian Fixed Income Framework (GFIF).
The new deliverables draw on the collective expertise of a diverse group of global market participants to address two critical enablers for scaling DLT adoption: on-chain settlement mechanisms and robust custody models. They provide practical information on settlement assets, including wholesale CBDC, tokenized bank liabilities and regulated stablecoins, as well as a foundation to facilitate custody of tokenized instruments within fixed income markets.
Bryan Pascoe, chief executive of ICMA, said in a statement: “ICMA is proud to continue its collaboration with MAS and leading market participants through Project Guardian. These publications reflect our shared ambition to shape the next generation of fixed income markets and ensure that innovation develops in a safe, efficient, and globally interoperable manner. As tokenization advances, ICMA remains committed to supporting the industry through standards, transparency, and practical guidance.”
Gabriel Callsen, senior director at ICMA and Project Guardian workstream lead, said in a statement: “ICMA’s leadership of the Project Guardian Fixed Income workstream underscores its central role in fostering the digital evolution of international bond markets and aligns with its broader mission to promote well-functioning, cross-border capital markets that support sustainable economic growth.”