BNP Paribas Securities Services business, a leading global custodian with USD 12.6 trillion in assets under custody, has gone live with ULTUMUS COSMOS platform for its UCITs and ICAV equity funds in Ireland.
COSMOS is an award-winning create/redeem platform which is now being utilized to manage the full lifecycle of ETF related operations, from approving new creation and redemption orders through to settlements. FIX connectivity allows Authorized Participants (APs) to seamlessly connect to place orders and receive updates
Cosmos is built and operated on the Velox development platform (vCore) is another example where the vCore has been used to accelerate the build of mission critical user facing technology in Capital Markets.
The future of capital markets technology is buy & build and for BD & IB clients like BNP where significant customization is required to integrate seamlessly, the vCore model of buy whats common and build whats unique is essential.
Being able to support cloud/web native situations, Velox was ideally suited to build a multi-tenant cloud based primary market exchange for ETFs.
Electronification of the primary market in ETPs has been particularly slow across the US, Europe and Asia, especially when viewed in the context of the rapidly growing AUM and the substantial progress made in the mutual fund space. In many cases, interactions for creations and redemptions are still conducted via email, through dedicated portals, and in some cases, via the phone
At Velox our mission is to provide an application platform to our clients that maximizes their ability to innovate rapidly. Would be great to hear your opinions on factors that you think are missing.