ICE Enhances ETF Hub02.11.2020
Intercontinental Exchange, Inc. a leading operator of global exchanges and clearing houses and provider of data and listings services, announced the launch of two key enhancements for its ICE ETF Hub platform:
FIX Connectivity: ICE ETF Hub has launched a FIX (Financial Information eXchange) application programming interface (API), which allows Authorized Participants to connect to the ICE ETF Hub platform and manage create/redeem orders in a seamless, automated way. With this new functionality, ICE ETF Hub is the first platform to offer FIX access to both Issuers and Authorized Participants. The FIX protocol is used by global financial markets to communicate trade information and complete millions of transactions each day.
Multi-Order Functionality: ICE ETF Hub’s new multi-order functionality enables Authorized Participants to submit multiple transactions to an ETF Issuer as one order, enhancing operational efficiency, reducing human error and cutting transaction times down to seconds.
ICE ETF Hub adoption continues to grow since launch:
Oct '19: $0.4B
Nov '19: $2.8B
Dec '19: $18.4B
Jan '20: $22.4B
We now have over $45bn notional in creation and redemption orders since launch. Get involved: https://t.co/DgVeHVxPDr
— ICE (@ICE_Markets) February 7, 2020
“These new enhancements provide our customers much greater levels of standardization and efficiency both in the way that they connect with ICE ETF Hub and process creation and redemption orders,” said Peter Borstelmann, Head of ICE ETF Hub. “We are working closely with our customers to continue delivering key functionality to improve the ETF primary market trading workflow, which has been a critical part of our mission from the start.”
ICE ETF Hub is being developed as an industry-wide, open architecture, primary market platform for ETFs, which creates a more standardized and simplified process for ETF creation and redemption. It currently offers support for both US-listed domestic equity and fixed income ETFs, and plans to launch support for the assembly of custom baskets and US-listed international equity ETFs later in 2020. It also plans to establish connectivity to ICE Bonds’ trading protocols, including portfolio auctions, click-to-trade and request-for-quote (RFQ).
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