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BNY Mellon extends dealing hours on Irish Ucits ETFs

BNY Mellon has increased dealing hours for Irish exchange-traded funds (ETFs) to facilitate their global distribution.

The move effectively allows round-the-clock dealing of Irish Ucits ETFs five days a week, by leveraging the firm’s transfer agency hubs in Singapore and Syracuse, New York.

According to the US firm, European ETFs are gaining momentum at a global level. Extending ETF dealing hours on Irish Ucits products allows it to offer local time zone support in these jurisdictions, it said.

Issuers can now deal these products from Monday morning in Singapore through to Friday afternoon in New York.

Known as 24x5 ETF Dealing, the extension supports the distribution of Irish Ucits ETFs in the Asia-Pacific and Latin America regions. According to BNY Mellon, these are “two key markets” in the expansion of the Ucits global brand.

The New York-headquartered corporation said it aims to create a “more efficient” global ETF distribution structure. Extending dealing hours is a “building block” towards this objective.

Integrated global ETF systems provide uniformity and certainty across all regions for portfolio managers, authorised participants and market makers community, BNY Mellon said.

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