ICE ETF Hub Expands Custom Basket Pilot Program
Intercontinental Exchange (NYSE: ICE) announced the addition of four new market makers to its ICE ETF Hub pilot program, which improves efficiency in the ETF primary market. The new participants include Brownstone Investment Group, Flow Traders, Sumridge, and Wolverine. The ICE ETF Hub has enhanced its platform functionality, allowing more control for market participants in custom basket negotiations. These developments align with ICE's commitment to modernizing markets and increasing innovation within the ETF space, as recognized by ICE Bonds President Peter Borstelmann.
- Four new market makers have joined the ICE ETF Hub pilot program, enhancing liquidity.
- The platform's new functionalities improve negotiation flexibility for market participants.
- ICE ETF Hub aims to increase efficiencies in the ETF primary market, supporting innovation.
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ATLANTA & NEW YORK--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, today announced that four new market makers have joined the ICE ETF Hub pilot program. In addition, several enhancements have been made to the platform.
ICE ETF Hub launched the pilot program to allow issuers, market makers and authorized participants to experience, first-hand, the custom basket negotiation technology in a production environment. The new firms joining the program include Brownstone Investment Group LLC, Flow Traders, Sumridge and Wolverine. They join existing market makers, including Jane Street, Old Mission and CTC, among others. Additional firms are expected to join the platform in the coming months.
“The addition of these firms demonstrates the ETF industry’s desire for, and commitment to, increased efficiencies within the ETF primary market, which ultimately enables issuers to offer more innovation to the investment community,” said Peter Borstelmann, President of ICE Bonds and Head of ICE ETF Hub.
ICE ETF Hub also recently launched new functionality giving more control and flexibility to market participants. The enhancements include the ability to pre-screen baskets against lists and indices, as well as ‘Countering’ functionality, giving participants more flexibility in negotiating custom baskets. In addition, ICE ETF Hub recently completed its connection to ICE FI Select, allowing traders to source bonds in the secondary cash market via ICE Bonds’ liquidity pools, and launched the ICE Chat functionality to support the custom basket workflow.
ICE ETF Hub’s custom basket negotiation technology allows primary market participants to negotiate and assemble custom basket proposals in an automated environment. This important improvement helps fixed income participants transition away from the cumbersome manual and bespoke processes in use today, to a standardized and automated environment.
ICE ETF Hub is an industry-wide, open architecture, technology solution, offering a more standardized and simplified process for the creation and redemption of ETF shares. ICE ETF Hub currently supports both US-listed domestic equity and fixed income ETFs.
For more information about ICE ETF Hub, please visit: www.theice.com/etf-hub.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. As the parent company of the New York Stock Exchange, the company is the premier venue for raising capital in the world, driving economic growth and transforming markets.
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