Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of data and listings services, today announced that Wells Fargo has become an authorized participant on ICE ETF Hub and has joined the platform’s advisory committee. An Authorized Participant is an institutional firm authorized by an ETF issuer to facilitate creations or redemptions of ETF shares.
“We’re excited to have an opportunity to work with a leading firm like Wells Fargo as they continue growing their presence in the ETF primary market,” said Peter Borstelmann, Head of ICE ETF Hub. “The growing community of market participants on ICE ETF Hub provides valuable insights as we work to bring more efficiencies to the creation and redemption process.”
ICE ETF Hub has been developed as an industry-wide, open architecture, primary market platform for ETFs, which creates a more standardized and simplified process for ETF creation and redemption. It currently offers support for both US-listed domestic equity and fixed income ETFs.
ICE recently launched functionality for the assembly of custom baskets in an automated way via APIs and ICE ETF Hub’s front-end user interfaces, and ICE Chat functionality is planned to launch in the third quarter of 2020. Connectivity between ICE ETF Hub and ICE FI Select for secondary market cash bond execution is also planned to launch during the third quarter, and support for US-listed international equity ETFs is planned for later in 2020.
“Wells Fargo is excited to partner with ICE ETF Hub in our efforts to facilitate liquidity provision across all constituents of the ETF community,” said John Leone, Managing Director, Head of Quantitative Strategy at Wells Fargo Corporate and Investment Banking. “Through our collaboration with ICE, ETF Hub has emerged as the provider of a modernized, transactional messaging platform. As a foundational platform component, ETF Hub promises to enhance the standardization, efficiency and stability across all phases of the ETF liquidity cycle.”
For more information about ICE ETF Hub, please visit: www.theice.com/etf-hub.
About Intercontinental Exchange
Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company formed in the year 2000 to modernize markets. ICE serves customers by operating the exchanges, clearing houses and information services they rely upon to invest, trade and manage risk across global financial and commodity markets. A leader in market data, ICE Data Services serves the information and connectivity needs across virtually all asset classes. As the parent company of the New York Stock Exchange, the company is the premier venue for raising capital in the world, driving economic growth and transforming markets.
Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at http://www.intercontinentalexchange.com/terms-of-use. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 — Statements in this press release regarding ICE’s business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE’s Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE’s Annual Report on Form 10-K for the year ended December 31, 2019, as filed with the SEC on February 6, 2020.