BNY Mellon has introduced "24x5" dealing in Irish Ucits ETFs, based on the fact its transfer agency hubs in Singapore and Syracuse mean it can handle dealing requests globally across a timeline from Monday mornings in Singapore through to Friday afternoons in New York.
The extended dealing hours are intended to support the distribution of the vehicle type into the Asia Pacific and Latin America market regions, where the Ucits 'brand' is gaining continued recognition. It means that there is no need to close dealing on ETFs with APAC exposure on a T-1 basis, BNY Mellon said.
The change should bring benefit to the authorised participants and market makers in these ETF products, it added.
Jeff McCarthy, global head of ETF services at BNY Mellon, said: "We are excited to extend our ETF dealing hours for Irish UCITS products. It allows ETF issuers to leverage our local support in APAC and the US, thus providing them with greater distribution and growth potential for their ETFs."
The change is also aligned with other initiatives, such as Euroclear's international settlement model, BNY Mellon said.
Mohamed M'Rabti, deputy head of FundsPlace at Euroclear, said: "European ETFs continue to gain momentum on a global level and it is exciting to see BNY Mellon offering local time zone support in these jurisdictions. This enhancement complements our international settlement model whereby Euroclear offers ETF issuers direct settlement into Mexico and Hong Kong through iETF."