Citi Issues Inaugural Digitally Native Structured Note on Euroclear's D-FMI DLT Platform

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Key Terms

digitally native structured note financial

A digitally native structured note is a customized investment that combines a loan-like promise from an issuer with a built-in payoff tied to stocks, indexes, or other market outcomes, delivered and managed through online platforms. It matters to investors because the digital format makes these bespoke payoffs faster, cheaper, and easier to buy or split into smaller pieces, while still carrying the issuer’s credit risk and complex payoff rules that affect returns.

structured note financial

A structured note is a bank-issued investment that combines a loan-like component with one or more linked ingredients—such as a stock index, interest rate, commodity or a derivative—so the payoff depends on how those linked items perform rather than a simple fixed interest payment. It matters to investors because it can offer customized outcomes (for example enhanced returns, limited downside, or income features) but carries issuer-credit risk and often-complex payoff rules, so understanding the exact formula and potential scenarios is essential.

digital financial market infrastructure technical

Digital financial market infrastructure is the network of computer systems, platforms and rules that allow money, stocks, bonds and related information to be created, moved, traded, settled and recorded—think of it as the highways, toll booths and traffic lights for financial activity. Investors care because its speed, reliability and security determine how quickly trades settle, how much trading costs and how vulnerable transactions are to delays or fraud; problems or upgrades can change risk and returns.

distributed ledger technology technical

A distributed ledger technology is a way of storing a shared digital record of transactions across many independent computers so no single party controls or can silently alter it — imagine the same accounting ledger kept in multiple filing cabinets that all must agree before any entry is changed. For investors it matters because it can reduce fraud, speed up settlement, cut middleman costs and enable new kinds of tradable assets, all of which can affect a company’s costs, revenue models and regulatory exposure.

digital capital markets financial

Digital capital markets are the use of online platforms, software and encryption to issue, buy, sell and record ownership of securities such as stocks and bonds, replacing paper-based and manual processes. For investors this matters because it can lower costs, speed up transactions, broaden access and make record-keeping and regulatory reporting clearer—like switching from postal mail to instant banking—while introducing technology and cyber risks that can affect value and liquidity.

digital asset solutions financial

Digital asset solutions are the tools and services that let businesses and investors create, store, move and trade value in electronic form—such as cryptocurrencies, tokenized stocks, or digital contracts. Think of them as the combined bank account, safe, and trading platform for digital property; they matter to investors because they affect how safe assets are, how easily they can be bought or sold, and whether transactions meet legal and regulatory rules.

03/09/2026 - 06:02 AM

Citi has issued its inaugural digitally native structured note on Euroclear's Digital Financial Market Infrastructure (D-FMI) Distributed Ledger Technology (DLT) Platform
This type of transaction is a first for Euroclear's D-FMI and the first of its kind within the wealth management industry, demonstrating Citi's commitment to enhancing efficiency, transparency, and innovation across the bank
The deal showcases DLT's seamless integration into financial markets, accelerating digital transformation and creating new possibilities across asset classes

LUXEMBOURG--(BUSINESS WIRE)-- Citi has issued its first digitally native structured note on Euroclear’s Digital Financial Market Infrastructure platform. This transaction marks a debut of a digitally native structured note being issued on Euroclear’s D-FMI and represents the first of its kind being offered within the wealth management industry.

The digitally native structured note was issued under English Law. The issuer is Citigroup Global Markets Funding Luxembourg, reflecting Luxembourg’s supportive environment for digital financial innovation.

"This pioneering issuance marks an important step forward as we lead the first digitally native structured note on Euroclear's D-FMI. This dual milestone demonstrates our commitment to leveraging DLT to enhance efficiency, transparency, and innovation across the Markets business and wider franchise," said Bhaavit Agrawal, Global Head of Financial Institutions Structuring, Markets, at Citi.

Russell Budnick, Head of Capital Markets, Investment Solutions for Citi Wealth, said, “Issuing this digitally native structured note on Euroclear’s D‑FMI platform demonstrates how we can deliver traditional structured products more efficiently by leveraging distributed ledger technology while preserving the full investment profile clients expect. This marks an important step in expanding digitally native solutions across our global wealth franchise.”

“As issuing and paying agent, we are leveraging our experience in supporting the settlement of digital issuances while actively shaping the development of digital capital markets. Our role in this transaction exemplifies Issuer Services’ commitment to connecting global issuers to new and emerging opportunities, particularly in facilitating the first structured note issuance on the D-FMI. This deal is made even more significant as it showcases the full breadth of Citi’s capabilities, bringing together various businesses across the firm on this landmark transaction,” said Dirk Jones, Head of Issuer Services at Citi.

“This note illustrates how trusted market infrastructure can evolve to support innovation at scale. It reflects our ambition to move digital issuance from experimentation into everyday market practice across various distribution channels, embedding digital at the core of the financial ecosystem to enable more efficient capital flows. Together with Citi, we are embedding distributed ledger technology into existing market frameworks while preserving the robustness, legal certainty and investor protections global markets depend on,” said Isabelle Delorme, Head of Product Strategy and Innovation at Euroclear.

This transaction represents a significant step in the ongoing digital transformation of financial markets, illustrating how DLT can be seamlessly integrated into existing market structures to unlock new possibilities for various asset classes. Citi continues to develop digital asset solutions, utilizing a unified technology framework to enhance its product offerings.

About Citi

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi