State Street Corporation has expanded its Fund Connect ETF site through updates to its Application Programming Interface (API), which now covers all clients worldwide, including Europe and the APAC area.

Nearly half of all orders in North America are placed through Fund Connect ETF APIs, which have been accessible for years in both the US and Canada.

Fund Connect ETF is an international web platform that serves as a single point of entry for numerous issuers, making it easier to create and redeem ETFs.

Through an immediate link between Authorised Participants (APs), order takers, sub-advisors, and sponsors, the automated order routing system of the site offers a range of ETFs in several currencies.

Moreover, the portal’s automated API technology enables global market participants to boost their enterprises and leverage on efficiency advantages and risk reduction.

Lori Coakley, global business head of Fund Connect ETF at State Street stated: “This expansion is in response to the growing demand from our valued APs, particularly those in Europe and APAC, who have expressed a strong interest in leveraging State Street’s best-in-class connectivity. Not only does this cater to that increasing demand for streamlined and automated ETF creation and redemption processes, but it also further solidifies our position as a leader in in the ETF industry.”

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By GlobalData

The ETF industry has experienced new growth in recent years, resulting a spike in demand for increasing automation within the formation and redemption framework.

Considering this trend, State Street has transformed one of the most important aspects of its GlobalLink product line to meet the changing needs of APs.

Clients across the globe will be able to place orders directly with funds using their own Order Management Systems (OMS) on account to this expanded API interface.

Frank Koudelka, global head of ETF Product at State Street added: “The global API connectivity is the next logical step in the continued digitisation of our ETF servicing business. Close to 100 authorised participants are communicating their create / redeem orders globally on behalf of our ETF clients to State Street via Fund Connect. The continued theme we have heard from them is a desire to communicate system-to-system as opposed to web portals, and Fund Connect is now the first create / redeem portal with fully enabled via APIs across Asia-Pacific, Canada, Europe and the United States. This further demonstrates the innovations that State Street has brought to the marketplace as the largest global ETF service provider.”