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State Street and Bloomberg Want To Streamline Bond ETFs

Now that corporate bond fund managers have proven their continuing interest in and use of bond ETFs, State Street and Bloomberg LP are joining hands in an effort to re-define the notion of “straight-thru-processing” for institutional investors that are using fixed income ETF products…MarketsMuse sends a shout-out to BusinessWire for allowing us to re-distribute the below news release.

BOSTON–(BUSINESS WIRE)–State Street Corporation (NYSE:STT) , and Bloomberg, the global business and financial information and news leader, announced today the launch of an enhancement for the fixed income exchange traded fund (ETF) market that helps clients process and settle ETF orders in a more efficient, scalable and automated manner.

As institutional adoption of ETFs continues to increase, this new link between State Street and Bloomberg marks an evolution in how fixed income ETFs trade and settle in the primary market. The enhancement integrates Bloomberg’s Fixed Income ETF Basket service (BSKT<GO>) with TotalETF℠, State Street’s automated, global ETF servicing solution and Fund Connect®, State Street’s online order management system.

Bloomberg’s service allows authorized participants to submit orders directly from BSKT<GO> to State Street and generates in-kind settlement instructions based on transaction messages received from Bloomberg. It will also be available to all ETF sponsors currently serviced by State Street Global Services.

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