Citi Securities Services announces the launch of Financial Information eXchange (FIX) API connectivity to the Advanced Citi ETF System (ACES) – the bank’s online, global ETF portal that fully automates the entire ETF process.
Based on a successful customer pilot, the new integration offers more simplified order management and onboarding. Authorized participants are now able to connect directly to the ACES platform and manage ETF unit creation and redemptions more seamlessly.
FIX refers to a communication protocol for the international exchange of real-time securities trading information. The protocol is used by the FIX community, which includes nearly 300 member companies.
Paul Spyropoulos, ETF Product Manager at Citi Securities Services, comments:
“With the ETF industry’s transition to T+1 approaching and the push for digitization, this enhancement comes at an opportune time. By integrating ACES with the FIX protocol, we unlock scalability and efficiency not only for our clients, but for all ETF market participants.”
The release of FIX API connectivity comes as the ETF industry continues to see significant growth. Since 2014, Citi’s ETF services business has grown exponentially in scale, covering 12 markets worldwide and close to $555 billion in assets under management. The bank supports nearly 50 global ETF issuers and nearly 600 mutual funds.
In a T+1 settlement environment, managing differences between settlement and subscription cycles will be a priority. FIX API connectivity will help improve market timing and reduce operational risks while enabling further automation within ACES ETF processing.
Peggy Vena, Head of ETF Services for Citi Securities Services, comments:
“As the ETF sector continues to see tremendous growth, improved speed and efficiency will be critical, and FIX helps make that happen.”
Citi’s ETF servicing model leverages the bank’s global footprint and expertise delivered through modern and scalable technology to deliver custody and financing services. The bank continues to regularly expand its ETF platform with innovative solutions that exceed market expectations and deliver excellence to clients.