BNY Mellon has launched a mobile application that enables shares of exchange-traded funds to be created and redeemed on an iPad.
The app was designed to improve the efficiency of authorised participants, which are financial institutions that play a key role in the trading of ETFs.
"As a leading provider of ETF services, BNY Mellon strives to meet the needs of all constituents in the ETF marketplace," says Joseph F Keenan, managing director for BNY Mellon Asset Servicing and head of its global ETF services business. "This particular app was designed primarily to address the needs of the authorised participants, although it also provides information to other constituents in the ETF marketplace such as sponsors. Improving the efficiency of authorised participants can help increase the assets flowing into ETFs, which ultimately benefits the ETF sponsors, which are our clients."
Providing authorised participants with the ability to create and redeem ETF shares with an iPad increases the flexibility of the individuals who implement these processes, Keenan says. "They no longer are tied to laptop or desktop computers and can carry out these functions from more remote locations.”
Among the features provided by the new app are the ability to:
• Approve, reject or cancel orders;
• View order details; and
• View the order list for a specific day.
The app can provide details of ETF trades that are relevant for authorised participants, sponsors and distributors. Authorised participants are required to register their iPads with BNY Mellon before using the app, and three additional levels of authorisation have been implemented as part of the security protocols.
The app is available in the US now and is expected to be available globally later this year.