BNY Mellon has introduced extended dealing hours for Irish UCITS ETFs to support the distribution of these products globally.

Jeff McCarthy, Global Head of ETF services at BNY Mellon.

The custodian and fund administrator has leveraged its Transfer Agency hubs in Singapore and New York to provide the increased dealing hours, known as 24×5 ETF Dealing.

Issuers can now deal Irish UCITS ETFs from Monday morning in Singapore through to Friday afternoon in New York.

The introduction of round-the-clock dealing supports the distribution of Irish UCITS ETFs in Asia Pacific and Latin America, two key markets in the expansion of the UCITS brand globally.

It eliminates the need to close dealing on an ETF with Asia Pacific exposure on T-1.

The initiative creates a more efficient global ETF distribution structure and follows similar steps such as Euroclear’s international settlement model.

According to BNY Mellon, the service builds on the firm’s strategic effort to improve the primary market transactional experience for authorised participants and market makers.

“We are excited to extend our ETF dealing hours for Irish UCITS products,” said Jeff McCarthy, Global Head of ETF services at BNY Mellon. “It allows ETF issuers to leverage our local support in Asia Pacific and the US, thus providing them with greater distribution and growth potential for their ETFs.”

“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,” added Mohamed M’Rabti, Deputy Head of FundsPlace at Euroclear. “This enhancement complements our international settlement model whereby Euroclear offers ETF issuers direct settlement into Mexico and Hong Kong through iETF.”