The Bank of New York has introduced a web-based system that enables institutions to conduct order and processing of ETF units online. The system, named Authorized Participant 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.

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. The full spectrum of services offered can be found at http://www.etfservices.bankofny.com.

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."

The Bank of New York delivers a comprehensive and flexible range of services to fund structures around the world, including mutual funds, ETFs, hedge funds, unit investment trusts, and other commingled products. Dedicated experts are located worldwide, including Bermuda, Brussels, Cayman, Dublin, Cork, Florida, Jersey/Guernsey/Isle of Man, London, Luxembourg, New York and Singapore.

The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and wealth management. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at http://www.bankofny.com.

The Bank of New York provides no advice nor recommendation or endorsement with respect to any company or security. Nothing herein shall be deemed to constitute an offer or solicitation of an offer to buy or sell securities.

Edited by: Erin Kello

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE