Citi Securities Services has unveiled the integration of Financial Information eXchange (FIX) API connectivity into ACES, its online global exchange-traded fund (ETF) portal.
The initiative, arising from a successful client pilot, streamlines the ETF process by offering enhanced order management and onboarding capabilities.
The FIX protocol serves as a communication standard for the real-time exchange of securities transaction data on an international scale, with nearly 300 member firms in the FIX community. This launch aligns with the soaring growth trajectory of the ETF industry.
Citi Securities Services ETF product manager Paul Spyropoulos said: “With the ETF industry’s move to T+1 looming around the corner and the push for digitisation, 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.”
Citi’s ETF Services division has witnessed exponential expansion since 2014, extending its coverage to 12 markets worldwide and managing assets worth approximately $555bn. The bank currently supports almost 50 global ETF issuers and nearly 600 funds.
Given the transition to a T+1 settlement environment, effectively managing disparities between settlement and subscription cycles emerges as a key concern. The introduction of FIX API connectivity addresses this challenge by enhancing market timing precision and mitigating operational risks. Moreover, it fosters increased automation within the ACES ETF processing framework.
Citi’s ETF servicing model leverages the institution’s extensive global presence and specialised technology infrastructure to provide comprehensive custody and fund services. The bank remains committed to enhancing its ETF platform with innovative solutions that surpass industry benchmarks and deliver exceptional value to clients.
With assets exceeding $29.2trillion under custody, administration, and trust, and a robust network spanning over 60 markets, Citi Securities Services stands as a trusted partner, offering cross-border support and tailored securities services to propel clients’ growth ambitions.