State Street launches Fund Connect ETF Portal in Australia
01 August 2023 Australia
Image: Alan Smithers/stock.adobe.com
State Street Corporation has launched its Fund Connect Exchange Traded Funds (ETF) Portal in Australia.
Launched more than 15 years ago, the portal provides a single point of access to more than 1100 ETFs from more than 50 issuers. Approximately 95 authorised participants are registered on the service.
The platform offers direct access to ETFs, automated order placement and comprehensive integration into order management systems. Market makers, authorised participants, distributors, transfer agents, sub-advisors and sponsors are able to link directly through the system.
State Street’s launch of the portal in Australia follows significant ETF growth in the APAC region, with Australian ETF assets showing a compound annual growth rate of 29 per cent since 2018. Singapore was the first in the APAC region to adopt the service, rolling it out last year.
Frank Koudelka, head of global ETF product solutions at State Street, says: “Our newly launched Fund Connect ETF portal will complete State Street’s ETF servicing solutions in Australia, bringing clients a dynamic suite of offerings to meet the growing ETF markets. [State Street’s] experience has guided ETF issuers in Australia with industry best practices, and offers them the most sophisticated tools to benefit from economies of scale.”
Lori Coakey, global head of Fund Connect ETF, comments: “In the Australian ETF market, the creation and redemption process still relies heavily on manual tasks including faxes. We believe an electronic trading solution like the Fund Connect ETF Portal will bring significant value to ETF issuers and authorised participants in Australia. It will allow them to scale their businesses, drive efficiency and reduce operational risks.”
Launched more than 15 years ago, the portal provides a single point of access to more than 1100 ETFs from more than 50 issuers. Approximately 95 authorised participants are registered on the service.
The platform offers direct access to ETFs, automated order placement and comprehensive integration into order management systems. Market makers, authorised participants, distributors, transfer agents, sub-advisors and sponsors are able to link directly through the system.
State Street’s launch of the portal in Australia follows significant ETF growth in the APAC region, with Australian ETF assets showing a compound annual growth rate of 29 per cent since 2018. Singapore was the first in the APAC region to adopt the service, rolling it out last year.
Frank Koudelka, head of global ETF product solutions at State Street, says: “Our newly launched Fund Connect ETF portal will complete State Street’s ETF servicing solutions in Australia, bringing clients a dynamic suite of offerings to meet the growing ETF markets. [State Street’s] experience has guided ETF issuers in Australia with industry best practices, and offers them the most sophisticated tools to benefit from economies of scale.”
Lori Coakey, global head of Fund Connect ETF, comments: “In the Australian ETF market, the creation and redemption process still relies heavily on manual tasks including faxes. We believe an electronic trading solution like the Fund Connect ETF Portal will bring significant value to ETF issuers and authorised participants in Australia. It will allow them to scale their businesses, drive efficiency and reduce operational risks.”
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