Citi Investor Services Simplifies ETF Services with FIX API Connectivity on Bloomberg BSKT

Citi Investor Services has enabled FIX API connectivity with Bloomberg's BSKT service to automate the ETF creation and redemption process for authorized participants (APs). This integration simplifies the process for APs, eliminating the need to build their own FIX engines or Order Management Systems. The new functionality is expected to support large order volume and flow from APs.

Citi Investor Services has taken a significant step forward in streamlining the ETF creation and redemption process by enabling Financial Information eXchange (FIX) API connectivity with Bloomberg’s BSKT service. This integration, effective for authorized participants (APs) in North America, simplifies the process by eliminating the need for APs to build their own FIX engines or Order Management Systems. The new functionality is expected to support large order volumes and flows from APs, enhancing efficiency and reducing operational complexity.

The integration represents a first-of-its-kind advancement in the industry, building upon an existing integration between Citi’s Advanced Citi ETF System (ACES) platform and Bloomberg’s BSKT service. This collaboration aims to automate the ETF creation and redemption process, providing APs with a fully electronic workflow that includes real-time transactions and updates. This is particularly crucial given the high volume of ETF orders before the daily close of trading.

Paul Spyropoulos, ETF Product Manager for Citi Investor Services, commented, “We continue to introduce new capabilities on our proprietary ACES platform in response to client and user demand, and market developments. With ETF Share Class approval imminent, there is a growing need for automated order tools that can handle significant increases in order volume. Citi is the first in the industry to offer FIX API connectivity with Bloomberg for ETF order taking as we make our services more accessible, scalable, and robust.”

Miguel Alvarez, Head of ETF Primary Markets Product at Bloomberg, added, “Expanding our integration with Citi aligns with our vision on delivering solutions and services that support the growth of the ETF landscape. Our priority is enhancing BSKT by continuing to invest in increasing workflow efficiency and streamlining processes. This integration moves us closer to delivering a flexible architecture with seamless connectivity that optimizes ETF primary markets workflows.”

The new integration is live for APs in North America, with plans to extend its use globally. This follows a February 2024 implementation of FIX API connectivity within the Citi ACES platform, enabling APs to connect directly to ACES to simplify order management and onboarding, as well as ETF share creation and redemptions.

Citi Investor Services, with over US$28 trillion in Assets under Custody , provides clients with a comprehensive post-trade servicing platform covering Fund Services, including ETF Services, as well as Global and Direct Custody.

References:
https://www.stocktitan.net/news/C/citi-enables-fix-api-connectivity-with-bloomberg-bskt-to-simplify-wpr4uaecvse7.html