Citi Securities Services announced the launch of Financial Information eXchange (FIX) API connectivity on its Advanced Citi ETF System (ACES); the bank’s online, global ETF Portal that fully automates the entire ETF process.
With FIX API connectivity, clients and authorized participants are able to directly connect to Citi’s ACES platform from their order management systems and manage ETF share creation and redemptions in a more seamless manner. This enhancement came out of a client pilot and is available to all participants on the ACES platform across North America.
As the industry moves to T+1 where managing differences between settlement and subscription cycles will be a priority, FIX API connectivity helps to unlock scalability and efficiency through digitization.
Paul Spyropoulos, ETF Product Manager at Citi Securities Services, said in a statement: “with the ETF industry’s move to T+1 looming around the corner and the push for digitization, 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 in a statement: “As the ETF sector continues to see tremendous growth, enhanced speed and efficiency will be of critical importance and FIX helps to enable that.”