Citi enhances ETF servicing capabilities image credit: shutterstock

Citi Securities Services has launched Financial Information eXchange (FIX) API connectivity on its Advanced Citi ETF System (ACES). This is the bank’s online, global ETF Portal that fully automates the entire ETF process. FIX is 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.

With FIX API connectivity, clients and authorised 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.  Citi’s latest enhancement was borne out of a successful client pilot and is available to all participants on the ACES platform across North America.

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The industry is moving to T+1 where managing differences between settlement and subscription cycles will be a priority. Citi says that FIX API connectivity helps to unlock scalability and efficiency through digitisation.

Paul Spyropoulos, ETF Product Manager at Citi Securities Services, 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.”

Peggy Vena, Head of ETF Services for Citi Securities Services, added: “As the ETF sector continues to see tremendous growth, enhanced speed and efficiency will be of critical importance and FIX helps to enable that.”

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