NEW YORK, June 20, 2013 /PRNewswire/ -- BNY Mellon, the global leader in investment management and investment services, said today it is among the first to introduce a mobile application that enables shares of exchange-traded funds (ETFs) to be created and redeemed on an iPad. The app was designed to improve the efficiency of authorized participants, which are financial institutions that play a key role in the trading of ETFs. "As a leading provider of ETF services, BNY Mellon strives to meet the needs of all constituents in the ETF marketplace," said Joseph F. Keenan, managing director for BNY Mellon Asset Servicing and head of its global ETF services business. "This particular app was designed primarily to address the needs of the authorized participants, although it also provides information to other constituents in the ETF marketplace such as sponsors. Improving the efficiency of authorized participants can help increase the assets flowing into ETFs, which ultimately benefits the ETF sponsors, which are our clients." Providing authorized participants with the ability to create and redeem ETF shares with an iPad increases the flexibility of the individuals who implement these processes, Keenan said. "They no longer are tied to laptop or desktop computers and can carry out these functions from more remote locations," he added. Among the features provided by the new app are the ability to:
Approve, reject or cancel orders;
View order details; and
View the order list for a specific day.
The app can provide details of ETF trades that are relevant for authorized participants, sponsors and distributors. Authorized participants are required to register their iPads with BNY Mellon before using the app, and three additional levels of authorization have been implemented as part of the security protocols.