BNY Mellon Revamps ETF Order Taking

BNY Mellon has expanded its real-time electronic messaging function for exchange-traded fund (ETF) order taking to improve transactional practices for trading participants and market makers. According to a story in The Trade News, BNY Mellon said in a statement that over the past several months it has made several changes to its ETF order taking service, including an integration of Bloomberg’s BSKT negotiation tool for fixed income, and custom order approval for portfolio managers. The latest update saw a new global standard for clients that are transmitting creation and redemption orders via a proprietary electronic message structure, which supports all order types in all domiciles where BNY Mellon provides ETF services. BNY Mellon added that the upgraded ETF order taking capabilities provide benefits in terms of greater speed, mitigated risk by removing manual entry within the bank’s ETF order taking portal, and by providing direct connectivity to liquidity providers and third-party platforms.