Source: Bank of New York
The Bank of New York, a global leader in securities servicing, has introduced a new web-based system that allows authorized participants - those institutions eligible to create and redeem shares within exchange-traded funds (ETFs) - to conduct all order and processing activity online.
The system, known as Authorized Participant (AP) Interface, allows for the fully automated communication of transactions conducted with ETFs the Bank supports, including the creation, redemption and processing of ETF units online in a secure environment.
Joseph F. Keenan, managing director and head of investor services sales at The Bank of New York, said, "The development of our new online system transforms what has been a manual process and greatly improves the efficiency and effectiveness of our daily interaction with authorized participants. Our clients expect the Bank to be at the forefront of new industry capabilities, like AP Interface, that help them grow their business. It represents another innovative example of our commitment to our clients and the ETF industry overall."