US Bank is to leverage Intercontinental Exchange’s (NYSE: ICE) ICE ETF Hub to offer its customer base seamless electronic access to the ETF primary market.
ICE ETF Hub, which recently surpassed USD1 trillion in notional create/redeem orders, is an industry-wide, open architecture, technology solution, offering a standardised and simplified process for the creation and redemption of ETF shares.
With this relationship, US Bank clients will have access to the ICE ETF Hub platform, which currently supports US-listed equity, fixed-income, derivative, commodity and multi-asset ETFs. US Bank services more than 70 ETF clients, with more than 330 ETFs. Clients will also have access to ICE’s automated functionality, which allows ETF primary market participants to negotiate and assemble custom basket proposals.
“Intercontinental Exchange’s ICE ETF Hub brings important new innovations and protocols to the share creation and redemption process for ETFs,” says Joe Neuberger, president of US Bank Global Fund Services. “We’re excited to offer these new efficiencies to our clients and offer a seamlessly connected end-to-end solution from order processing through clearing.”
“We’re pleased to work with US Bank as they continue to build on their leadership position in providing custodial services to the ETF issuer community,” says Peter Borstelmann, president of ICE Bonds. “The standardisation we’ve brought to the ETF primary market and the recent enhancements around custom basket negation technology and access to ICE’s secondary bond market will offer compelling new efficiencies for US Bank and its customers.”