BNY Mellon Asset Servicings Authorized Participant Interface (API), the exchange-traded funds order processing platform, now allows authorized participants (APs) to pre-notify trade orders before the trade date.
The firm says the new ability to pre-notify trade orders the day prior to the trade date and after the market closes will facilitate processing for international portfolios.
“The increased automation and enhanced flexibility will allow APs to conduct transactions more quickly and with more precise trading options, reducing processing errors and post-trade reconciliation issues,” says Joseph Keenan, managing director and global head of ETF services at BNY Mellon Asset Servicing. “Fostering consultative relationships with the authorized participants affords us the insight required to further enhance our suite of services to meet the specialized requirements of this rapidly evolving segment of the global funds industry.”
BNY Mellon has made a number of other enhancements to the API, including an automated, real-time mechanism for approving and tracking daily order flow; the option to shorten the settlement period for an order and, when eligible, settle the order through National Securities Clearing Corporation; the ability to place cash orders online; the ability to receive an automated trade confirmation with relevant order details; and access to an online view of the basket details for each portfolio, including underlying constituents, shares outstanding and net asset value.
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