State Street and Bloomberg Announce Enhanced Processing and Settlement for Fixed Income ETFs | Business Wire
BOSTON–(BUSINESS WIRE)–State Street Corporation (NYSE: STT). Bloomberg, the global business
and financial information and news leader, announced today the launch of
an enhancement for the fixed income exchange traded fund (ETF) market
that helps clients process and settle ETF orders in a more efficient,
scalable and automated manner.
As institutional adoption of ETFs continues to increase, this new link
between State Street and Bloomberg marks an evolution in how fixed
income ETFs trade and settle in the primary market. The enhancement
integrates Bloomberg’s Fixed Income ETF Basket service (BSKT) with
TotalETF℠, State Street’s automated, global ETF servicing solution and
Fund Connect®, State Street’s online order management system.
Bloomberg’s service allows authorized participants to submit orders
directly from BSKT to State Street and generates in-kind settlement
instructions based on transaction messages received from Bloomberg. It
will also be available to all ETF sponsors currently serviced by State
Street Global Services.
“The proliferation of ETFs across fixed income has led to
increased complexity,” said Frank Koudelka, senior vice president at
State Street Global Services. “The enhancement will be the first, true
end-to-end solution for the processing and settlement of fixed income
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ETF baskets, integrating the state-of-the-art capabilities of TotalETF
with a global, industry-standard interface in Bloomberg’s Professional
“As institutional participation in the fixed income ETF market grows,
the need for workflow efficiency in the creation and redemption process
will be critical,”. Said Ben Macdonald, Bloomberg’s Global Head of
Product. “The integration of BSKT and TotalETF ensures that ETF sponsors
using Bloomberg and Fund Connect will experience efficient processing of
BSKT provides market participants an efficient and systematic way
to access the primary market of ETFs. The tool automates the process of
gaining access to liquidity necessary to create and redeem fixed income
ETFs. Integrates functionality from across the Bloomberg Terminal,
including Bloomberg’s Fixed Income electronic trading, order execution
and portfolio analytics solutions.
About State Street
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 $27 trillion in assets under custody and administration
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and $2 trillion* in assets under management as of March 31, 2016, State
Street operates in more than 100 geographic markets worldwide, including
the US, Canada, Europe, the Middle East and Asia. For more information,
visit State Street’s website at www.statestreet.com.
* Assets under management were $2.30 trillion as of March 31, 2016. AUM
reflects approx. $32.6 billion (as of March 31, 2016) with respect to
which State Street Global Markets, LLC (SSGM) serves as marketing agent.
SSGM and State Street Global Advisors are affiliated.
Bloomberg, the global business and financial information and news
leader, gives influential decision makers a critical edge by connecting
them to a dynamic network of information, people and ideas. The
company’s strength – delivering data, news and analytics through
innovative technology, quickly and accurately – is at the core of the
Bloomberg Professional service, which provides real time financial
information to more than 327,000 subscribers globally. For more
information, visit http://www.bloomberg.com/company/ or request
ETFs trade like stocks, are subject to investment risk, fluctuate in
market value and may trade at prices above or below the ETFs net asset
value. Brokerage commissions and ETF expenses will reduce returns.
Investing involves risk including the risk of loss of principal.
The information provided doesn't constitute investment advice and it
shouldn't be relied on as such. It shouldn't be considered a
solicitation to buy or an offer to sell a security. It doesn't take
into account any investor’s particular investment objectives,
strategies, tax status or investment horizon. You should consult your
tax and financial advisor. All material has been obtained from sources
believed to be reliable. There is no representation or warranty as to
the accuracy of the information and State Street shall have no liability
for decisions based on such information.
State Street Corporation, One Lincoln Street, Boston, MA 02111-2900
© 2016 State Street Corporation –. All Rights Reserved. State Street
Global Markets, Global Link and Fund Connect are registered trademarks
of State Street Corporation or its affiliates.
Exp. Date: 6/30/17