Citi Securities Services launched FIX API connectivity in ETF platform

This comes at just the right time with the ETF industry's impending move to T+1.

Citi Securities Services has launched the Financial Information eXchange (FIX) API connectivity in its ETF platform.

FIX refers to a communications protocol for the international real-time exchange of securities transaction information. The protocol is used by the FIX community, which includes close to 300 member firms, Citi said.

The FIX API connectivity automates the entire ETF process, offering more simplified order management and onboarding.

With this, authorized participants are now able to connect directly to the ACES platform and manage ETF share creation and redemptions in a more seamless manner.

Citi Securities Services’ ETF Product Manager Paul Spyropoulus said that the enhancement comes at the right time, with the ETF industry’s impending move to T+1.

“By integrating ACES with the FIX protocol, we are unlocking scalability and efficiency not only for our clients, but all ETF market participants,” he said.

In a T+1 settlement environment, managing differences between settlement and subscription cycles will be a priority. 

The FIX API connectivity will help to improve market timing and reduce operational risks, while enabling further automation within ACES ETF processing, Citi said.