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Flow Traders has signed up to participate in a pilot program to assemble custom baskets for ETFs in the ICE ETF ecosystem alongside three other market makers.
Brownstone Investment Group, Sumridge and Wolverine join Flow Traders and existing market makers Jane Street, Old Mission and CTC, who are also participating in the ICE ETF Hub pilot program.
ICE confirmed in July its intention to launch basket negotiation technology that allows participants to filter, communicate and assemble custom baskets with issuers electronically, through FIX-enabled APIs and front-end user interfaces of the hub. .
The pilot program, which market makers have the opportunity to join, allows companies to test the custom basket trading functionality in a live setting.
“The addition of these companies demonstrates the desire and commitment of the ETF industry for increased efficiency within the primary ETF market, which ultimately allows issuers to deliver more innovation to the ETF community. investors, â€said Peter Borstelmann, Chairman of ICE Bonds and Head of ICE ETF Hub.
Along with the confirmation of its new users, ICE simultaneously confirmed that it has rolled out new features in the ETF hub allowing users to pre-filter baskets against lists and indices. It also launched a “counter†feature which aims to give participants more flexibility in negotiating personalized baskets.
Elsewhere, ICE has completed the integration of its ICE FI Select bond trading platforms with the ETF Hub for traders to source bonds in the secondary spot market. The ICE Chat feature is also active to support custom shopping cart workflows.
Last month, Citi became the latest institution to join the ICE ETF Hub. The ICE ETF ecosystem, which was launched last year, aims to simplify the process of creating and redeeming ETF shares, and currently supports domestic equity and listed fixed income ETFs. in the USA.
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