Global custodian, BNP Paribas’ Securities Services with USD12.6 trillion in assets under custody, has gone live with Ultumus’s COSMOS platform for its UCITs and ICAV equity funds in Ireland.
Ultumus writes that its COSMOS platform is a create/redeem platform which is now being utilised to manage the full lifecycle of ETF related operations, from approving new creation and redemption orders through to settlements. FIX connectivity allows Authorised Participants (APs) to seamlessly connect to place orders and receive updates, the firm says.
The firm writes that ‘clients of BNP Paribas’ Securities Services business will now be able to benefit from the partnership of the leading European custodian with a first-class technology provider to optimise ETF efficiencies across multiple markets’. The handling of ETF-related operations on the COSMOS platform will provide an automated audit trail for post-trade record keeping, which will enhance and create a consistent user experience for BNP Paribas’ clients and their Authorised Participants.
Ultumus writes that they are seeing multiple mandate wins globally due to their proven track record and their focus on data, speed, and technology within the ETF space, ‘an industry which has long been striving for improved standardisation and centralisation’.
The growing client base deploys the COSMOS service on a global basis across sell-side, buy-side, and service providers: Market Makers, APs, Trading Desks, Issuers and transfer agents. COSMOS engenders a virtuous circle for the entire ETF ecosystem, accommodating all players in a single portal. Centralising order flow streamlines order placement, which generates cost, time and accuracy efficiencies for Authorised Participants, Sponsors and Transfer Agents.
COSMOS builds on Ultumus’s extensive dynamic library of global data on ETFs, the firm writes, portfolio composition files, and full suite of fund structural and referential data provided for ETF providers across all classes. It is natural and logical to plug these into order flow and workflow management to complete the operational jigsaw, the firm says.
COSMOS provides a complete technology stack all housed in the cloud, along with MFA authentication for log in and full audit trails against each interaction. The service is also supported on a global basis by ETF experts based in Ultumus’s offices in London and Singapore.
ULTUMUS is owned by SIX Group, the Swiss Exchange.