Citi Securities Services’ global ETF portal now has Financial Information eXchange (FIX) connectivity, allowing Citi clients to connect to Citi’s ACES platform from their order management systems via an API and manage ETF share creation and redemptions.
Advanced Citi ETF System (ACES) is the bank’s online, global ETF Portal that fully automates the entire ETF process. FIX is a communications protocol for the international real-time exchange of securities transaction information. The protocol is used by the FIX community which includes close to 300 member firms. The FIX API connectivity is designed to improve market timing and reduce operational risks, while enabling further automation within ACES ETF processing. The pair carried out a successful client pilot and the service is available to all participants on the ACES platform across North America.
Paul Spyropoulos, ETF product manager at Citi Securities Services, said: “With the ETF industry’s move to T+1 looming around the corner and the push for digitisation, this enhancement comes at an opportune time. By integrating ACES with the FIX protocol, we are unlocking scalability and efficiency not only for our clients, but all ETF market participants.”
Peggy Vena, head of ETF services for Citi Securities Services, said: “As the ETF sector continues to see tremendous growth, enhanced speed and efficiency will be of critical importance and FIX helps to enable that.”
Since 2014, Citi’s ETF services business has grown to cover 12 markets globally, and close to US$555 billion in assets under administration. The bank supports close to 50 global ETF issuers and close to 600 funds.
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