Bank of New York has introduced a new web-based system that allows authorised participants, institutions eligible to create and redeem shares within exchange-traded funds, to conduct all o
Bank of New York has introduced a new web-based system that allows authorised participants, institutions eligible to create and redeem shares within exchange-traded funds, to conduct all order and processing activity online.
The system, known as Authorized Participant Interface, enables fully automated communication of transactions conducted with ETFs the bank supports, including the creation, redemption and processing of ETF units online in a secure environment.
‘The development of our new online system transforms what has been a manual process and greatly improves the efficiency and effectiveness of our daily interaction with authorized participants,’ says Joseph F. Keenan, a managing director and head of investor services sales at Bank of New York.
‘Our clients expect the bank to be at the forefront of new industry capabilities, like AP Interface, that help them grow their business. It represents another innovative example of our commitment to our clients and the ETF industry overall.’
Bank of New York offers a range of services to fund structures around the world, including mutual funds, ETFs, hedge funds, unit investment trusts, and other commingled products, from centres including Bermuda, Brussels, Cayman, Dublin, Cork, Florida, Jersey, Guernsey, Isle of Man, London, Luxembourg, New York and Singapore.