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State Street expands Fund Connect ETF digital platform

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State Street Corporation has expanded Fund Connect ETF to support all ETF issuers regardless of their service provider.  

State Street Corporation has expanded Fund Connect ETF to support all ETF issuers regardless of their service provider.  

The primary market ETF trading platform was previously only available to issuers receiving securities services from State Street. The Fund Connect platform has long served as a conduit between Authorised Participants (APs) and issuers. This expansion marks a pivotal moment for State Street to build on its proven track record of supporting the growing ETF market. 

Fund Connect ETF, an integral platform within State Street’s award winning GlobalLink product suite, is a global online trading portal for the creation and redemption of ETFs, designed as a single point of access to many sponsors. For nearly 20 years, the portal’s comprehensive automated trading solution has provided direct access to ETFs in multiple currencies, supplying a direct link between market makers, APs, distributors, transfer agents, sub-advisors and sponsors. This connectivity helps support increased efficiency, reduced operational risk and enhanced communication between all parties. 

Fund Connect ETF continues to expand its global footprint, by adding to its existing APAC presence with a new office in Hong Kong scheduled to open later this year. Fund Connect ETF is now supported in all ETF trading jurisdictions across the globe including the US, EMEA, Canada and APAC. 

“State Street is pleased to open Fund Connect’s powerful ETF and digital platform to all market participants, regardless of their choice of service provider,” says Nadine Chakar, head of State Street’s Global Markets business. “With connectivity to so many ETF sponsors and APs, Fund Connect ETF is well positioned to make the workflow even more automated and efficient, accelerating the creation and redemption process. This expansion is aligned with our firm’s commitment to an open, flexible approach, as exemplified by State Street AlphaSM, which brings together the tools, services, insights and partners that clients need on a single platform.” 

Fund Connect ETF provides global ETF coverage and serves 37 issuers and more than 20 end-to-end integrations, with 77 Authorised Participants (APs). More than 830 ETFs funds available in total, including 11 non-transparent ETFs. The platform managed over USD2.5 trillion notional volume in 2020, and currently manages over USD1 trillion in AUM as of 31 December 2020.

“Our platform is highly scalable because we recognize it’s challenging for sponsors to build and maintain their own systems,” says Gregory Fortuna, head of State Street’s GlobalLink Solutions. “This is where we continue to add value for our clients- by constantly investing in our technology and developing new solutions that move the industry forward. We are proud of this milestone and the opportunity to service the ETF industry more broadly.” 

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