State Street Announces Expansion of its Fund Connect ETF Digital Platform
March 10 2021 - 8:30AM
Business Wire
Fund Connect ETF becomes latest GlobalLink product to embrace
open architecture by making its primary market ETF trading platform
available to the industry agnostic of service provider
State Street Corporation (NYSE:STT) today announced that Fund
Connect ETF will now be open to support all exchange traded fund
(ETF) issuers regardless of their service provider. The platform
was previously only available to issuers receiving securities
services from State Street. The Fund Connect platform has long
served as a conduit between Authorized 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 twenty 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,” said 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 at a glance :
- Provides global ETF coverage and serves 37 issuers and more
than 20 end-to-end integrations
- 77 Authorized Participants (APs)
- More than 830 ETFs funds available including 11 Non-Transparent
ETFs
- Managed over $2.5t notional volume in 2020
- Currently manage over $1t AUM as of 12/31/2020
“Our platform is highly scalable because we recognize it’s
challenging for sponsors to build and maintain their own systems,”
said 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.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $38.8 trillion in assets
under custody and/or administration and $3.5 trillion* in assets
under management as of December 31, 2020, State Street operates
globally in more than 100 geographic markets and employs
approximately 39,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
*Assets under management as of December 31, 2020 includes
approximately $75 billion of assets with respect to SPDR® products
for which State Street Global Advisors Funds Distributors, LLC
(SSGA FD) acts solely as the marketing agent. SSGA FD and State
Street Global Advisors are affiliated.
© 2021 State Street Corporation - All Rights Reserved
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Brendan Paul BPaul2@statestreet.com +1 401 644 9182
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