State Street launches European ETF platform

State Street launches European ETF platform

State Street Global Exchange has launched the first online trading platform for exchange traded funds (ETFs) in Europe.

The multi-sponsor platform, FundConnect, which has been available in the US market since 2008, will now be open to authorised participants in Europe.

The firm claims it will transform the European ETF market by increasing efficiency in the order-taking process which historically depends on faxes. Moving to a real-time electronic platform will create significant efficiencies and reduce risks, said State Street.

Alexis Marinof, Emea head of Spdr ETF said: "FundConnect enhances the speed and efficiency with which authorised participants can create and redeem units in our ETFs, a mechanism that SPDR ETF takes seriously because it plays such a vital role in supporting the liquidity needs of our clients. 

"We believe developments like FundConnect, that help support liquidity providers across Europe, will play an important role in enabling the ETF industry to grow."

Spdr ETFs is the first provider to go live on the platform.

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