Project Guardian Fixed Income workstream deliverables led by ICMA published as an addendum to the Guardian Fixed Income Framework
12 November 2025 The International Capital Market Association (ICMA) is pleased to announce 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) during the Singapore FinTech Festival 2025.
Building on the initial GFIF published in November 2024, the latest reports represent an important step forward in the development of digital bond markets. They provide practical information on settlement assets, including wholesale CBDC, tokenised bank liabilities and regulated stablecoins, as well as a foundation to facilitate custody of tokenised instruments within fixed income markets.
The Fixed Income workstream brings together regulators, market infrastructures and financial institutions to explore the practical application of tokenisation and DLT in bond markets. 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.
Bryan Pascoe, Chief Executive of ICMA, said: “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 tokenisation advances, ICMA remains committed to supporting the industry through standards, transparency, and practical guidance.”
Gabriel Callsen, Senior Director, ICMA and Project Guardian workstream lead, added: “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.”
More information on ICMA’s FinTech and digitalisation initiatives, including its work on DLT, digital bonds, and tokenisation, can be found here.
