NEW YORK (AP) – The nation’s biggest exchange for government bonds closed its last day on Monday, and the nation’s second-largest municipal bond fund is still struggling.
Grand Exchange, a privately held exchange for municipal bonds, announced in March that it had reached a $1 billion cash-and-carry agreement with the city of Chicago to close on March 18.
It was the last day of the exchange’s current year.
Grand Central, the nation\’s largest regional financial institution, has said it expects the company to close in the first quarter of 2019.
GrandCentral also announced last month that it was closing its $1,300-a-month discount credit card offer, which it said would be extended to residents in the Chicago area.
It said the credit card will be honored on March 15.
Grand Capital also said in March it was announcing plans to consolidate its corporate banking division and its consumer banking unit.
GrandCentral is also offering customers the opportunity to get a refund on a Grand Exchange-issued debit card, or use a credit card that uses the discount credit line to pay for services at the exchange.