The bank’s latest enhancement helps clients and authorized participants gain efficiencies in an industry that continues to see significant growth
Citi Securities Services announces the launch of Financial Information eXchange (FIX) API connectivity on ACES1 – the bank’s online, global ETF portal that fully automates the entire ETF process.
Borne out of a successful client 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 share creation and redemptions in a more seamless manner.
FIX refers to 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.
Paul Spyropoulos, ETF Product Manager at Citi Securities Services, comments, “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.”
The launch 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 globally, and close to $555 billion in assets under administration. The bank supports close to 50 global ETF issuers and close to 600 funds2.
In a T+1 settlement environment, managing differences between settlement and subscription cycles will be a priority. The FIX API connectivity will help to 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, enhanced speed and efficiency will be of critical importance and FIX helps to enable that.”
Citi’s ETF servicing model leverages the bank’s global footprint and expertise delivered through modern and scalable technology to provide custody and fund services. The bank continues to regularly expand its ETF platform with innovative solutions that exceed market expectations and deliver excellence to clients.
With close to US$29.2 trillion of assets under custody, administration and trust3, and an industry-leading network spanning over 60 markets, Citi Securities Services provides cross-border support for clients, with local market expertise, innovative technologies, customized data solutions and a wide range of securities services tailored to meet our clients’ growth ambitions.
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 nearly 160 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 | Twitter: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
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1 ACES refers to Advanced Citi ETF System
2 As of December 31, 2023
3 As of December 31, 2023
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