Intercontinental Exchange, Inc., a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today announced that Citi has joined the ICE ETF Hub as an authorized participant. Citi was a founding member of the ICE ETF Hub advisory committee, providing early feedback on the design of the platform.

“As an early member of our advisory committee, Citi has provided valuable insights and constructive guidance, which have been critical in improving the platform and bringing more efficiencies to the ETF primary market. Because of this, we’re particularly excited to have them join the platform as an authorized participant,” said Peter Borstelmann, President of ICE Bonds and Head of ICE ETF Hub.

ICE ETF Hub is an industry-wide, open architecture, technology solution, offering a more standardized and simplified process for the creation and redemption of ETF shares. It currently supports both US-listed domestic equity and fixed income ETFs.

Citi joins ICE ETF Hub as an authorized participant.

— ICE (@ICE_Markets) September 22, 2020

“Having an efficient and automated creation and redemption process is critical for the effective functioning of global ETF markets,” said John Mann at Citi. “ICE ETF Hub provides a standardized way to respond to orders, and the new custom basket technology gives us more flexibility for screening, communicating and assembling custom baskets.”

ICE ETF Hub recently launched new automated functionality allowing ETF primary market participants to negotiate and assemble custom basket proposals. This functionality helps fixed income market participants transition away from the many manual, bespoke processes in use today, increasing scale and reducing operational risk through standardization and automation.

Support for US-listed international and EMEA listed equity ETFs is planned to launch in 2021.

Source: ICE