State Street Corp. has launched a new service to enable exchange-traded fund market makers and specialists automate orders. As ETFs have continued to grow in popularity and in number, State Street said, the complexity involved in servicing them has increased significantly.
The new service, Assisted Trading, can enter the ETFs market makers and specialists want to trade and identify any restricted shares via State Street’s Fund Connect platform. Restricted shares are securities that are not eligible for proprietary trading and change daily based on underwriting, mergers, investments or other activities.
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