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BNY Mellon launches 24×5 ETF dealing

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BNY Mellon has launched extended dealing hours for Irish Undertakings for Collective Investment in Transferable Securities (UCITS) ETFs to support the distribution of these products globally.

Known as 24×5 ETF Dealing, hours are extended to ETF issuers by leveraging BNY Mellon’s established Transfer Agency hubs in Singapore and Syracuse, New York. This means issuers can now deal Irish UCITS ETFs from Monday morning in Singapore through to Friday afternoon in New York.

The introduction of 24×5 ETF Dealing supports the distribution of Irish UCITS ETFs in APAC and Latin America, two key markets in the expansion of the UCITS global brand. It eliminates the need to close dealing on an ETF with APAC exposure on T-1.

This enhancement to BNY Mellon’s ETF service offering builds on its ongoing strategic effort to improve the primary market transactional experience for authorised participants (APs) and market makers (MMs), allowing further flexibility on dealing hours and local support in APAC and the US for Irish UCITS ETFs. Integrated global ETF systems provide uniformity and certainty across all regions for portfolio managers and the AP and MM community.

“We are excited to extend our ETF dealing hours for Irish UCITS products,” says Jeff McCarthy, Global Head of ETF services at BNY Mellon. “It allows ETF issuers to leverage our local support in APAC and the US, thus providing them with greater distribution and growth potential for their ETFs.”

BNY Mellon’s extension of dealing hours for Irish UCITS ETFs is a significant building block towards creating a more efficient global ETF distribution structure and is aligned with other initiatives, such as Euroclear’s international settlement model.

“European ETFs continue to gain momentum on a global level and it is exciting to see BNY Mellon offering local time zone support in these jurisdictions,” says Mohamed M’Rabti, Deputy Head of FundsPlace at Euroclear. “This enhancement complements our international settlement model whereby Euroclear offers ETF issuers direct settlement into Mexico and Hong Kong through iETF.”

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