State Street Announces Launch of FIX API for Its Fund Connect ETF Portal

State Street Corporation (NYSE:STT) announced the launch of a Financial Information eXchange (FIX) application programming interface (API) for its Fund Connect ETF platform, a global online portal for the creation and redemption of ETFs within the firm's GlobalLink product suite.

The FIX enhancement, now available to all participants on the platform, offers connectivity and electronic communication through an integral industry protocol used in electronic trading. This will allow market participants to send orders directly from their order management system (OMS) to the Fund Connect ETF platform streamlining the ETF creation and redemption process.

"As the ETF market continues to evolve in complexity, issuers and market participants are increasingly looking to simplify and automate trading workflows to operate as seamlessly, efficiently and securely as possible," said Lori Coakley, global business head of Fund Connect ETF. "By developing the FIX protocol for our Fund Connect platform, we are delivering on our strategy to expand connectivity and technology within the global ETF primary market to enable increased volumes and efficiency of orders."

Fund Connect ETF also recently released the ability for issuers or their agents to approve AP creations and redemptions via RESTful API continuing to deliver increased connectivity and straight through processing for the ETF primary market.

"A digitized workflow is our goal for ETF servicing," said Frank Koudelka, global head of ETF Solutions at State Street. "Our partners across the authorized participant community have signaled a willingness to invest in system-to-system connectivity. Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we've brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY."