BNY Mellon has introduced extended dealing hours for Irish UCITS exchange-traded funds (ETFs) to support the distribution of these products globally.
The hours will be extended to ETF issuers through BNY Mellon’s transfer agency hubs in Singapore and Syracuse, New York, meaning issuers can now deal Irish UCITS ETFs from Monday morning in Singapore through to Friday afternoon in New York.
It will also support the distribution of Irish UCITS ETFs in the Asia Pacific (APAC) and Latin America. It also eliminates the need to close dealing on an ETF with APAC exposure on T-1.
In addition, it aims to improve the primary market transactional experience for authorised participants and market makers, allowing further flexibility on dealing hours and local support in APAC and the US for Irish UCITS ETFs.
Jeff McCarthy, global head of ETF services at BNY Mellon, said: "We are excited to extend our ETF dealing hours for Irish UCITS products. It allows ETF issuers to leverage our local support in APAC and the US, thus providing them with greater distribution and growth potential for their ETFs.”
BNY Mellon’s extension of dealing hours for Irish UCITS ETFs is a significant building block towards creating a more efficient global ETF distribution structure and is aligned with other initiatives, such as Euroclear’s international settlement model.
Mohamed M’Rabti, deputy head of FundsPlace at Euroclear, commented: “European ETFs continue to gain momentum on a global level and it is exciting to see BNY Mellon offering local time zone support in these jurisdictions. This enhancement complements our international settlement model whereby Euroclear offers ETF issuers direct settlement into Mexico and Hong Kong through iETF.”
