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FIX publishes ETF Creation and Redemption Recommended Practices
11 November 2026 UK
Image: novanbachtiar/stock.adobe.com
The FIX Trading Community has published its ETF Creation and Redemption Recommended Practices, a culmination of collaboration among ETF issuers, authorised participants, market makers, service providers, and technology platforms from North America, Europe and the UK, and Asia Pacific.
Developed by the FIX ETF Working Group, the document establishes a standardised approach for the electronic communication of ETF creation and redemption workflows using FIX messaging standards.
The new Recommended Practices addresses commonly faced challenges by the ETF industry by providing a common electronic communication framework, enabling firms to align to a standardised approach without reinventing workflows that already exist across the industry.
The first phase of the initiative establishes a baseline framework covering core ETF creation and redemption workflows, including order submission, acknowledgements, approvals, status management, rejections, and cancellations.
The framework has been designed as a foundation upon which additional ETF workflows and use cases can be standardised over time.
Emma Lokko, co-chair of the FIX ETF Working Group and head of EMEA Market Structure, Susquehanna, says: “Over the years, ETF issuers and authorised participants have developed a range of platforms and connections to support creation and redemption activity.
“By establishing a common market standard, we’re simplifying connectivity and creating a foundation that allows participants to automate and scale these processes efficiently.”
Christopher Sabaitis, co-chair of the FIX ETF Working Group and vice president at BlackRock, adds: “What's particularly powerful about this work is that it has been built by practitioners for practitioners.
“The working group brought together participants from across regions and across the ETF value chain to focus on practical implementation, not theoretical models. The result is a global standard that firms can use today, utilising existing FIX Protocol capabilities and aligning with how the ETF market continues to evolve.”
Jim Kaye, executive director of the FIX Trading Community, comments: “FIX Trading Community has always been at its best when it brings market participants together to solve industry-wide challenges. This is exactly that kind of achievement.
“This Recommended Practice provides the industry with a common language and a common implementation approach. It removes barriers to adoption, reduces operational bottlenecks, and creates the conditions for firms to scale their ETF businesses more effectively.”
Developed by the FIX ETF Working Group, the document establishes a standardised approach for the electronic communication of ETF creation and redemption workflows using FIX messaging standards.
The new Recommended Practices addresses commonly faced challenges by the ETF industry by providing a common electronic communication framework, enabling firms to align to a standardised approach without reinventing workflows that already exist across the industry.
The first phase of the initiative establishes a baseline framework covering core ETF creation and redemption workflows, including order submission, acknowledgements, approvals, status management, rejections, and cancellations.
The framework has been designed as a foundation upon which additional ETF workflows and use cases can be standardised over time.
Emma Lokko, co-chair of the FIX ETF Working Group and head of EMEA Market Structure, Susquehanna, says: “Over the years, ETF issuers and authorised participants have developed a range of platforms and connections to support creation and redemption activity.
“By establishing a common market standard, we’re simplifying connectivity and creating a foundation that allows participants to automate and scale these processes efficiently.”
Christopher Sabaitis, co-chair of the FIX ETF Working Group and vice president at BlackRock, adds: “What's particularly powerful about this work is that it has been built by practitioners for practitioners.
“The working group brought together participants from across regions and across the ETF value chain to focus on practical implementation, not theoretical models. The result is a global standard that firms can use today, utilising existing FIX Protocol capabilities and aligning with how the ETF market continues to evolve.”
Jim Kaye, executive director of the FIX Trading Community, comments: “FIX Trading Community has always been at its best when it brings market participants together to solve industry-wide challenges. This is exactly that kind of achievement.
“This Recommended Practice provides the industry with a common language and a common implementation approach. It removes barriers to adoption, reduces operational bottlenecks, and creates the conditions for firms to scale their ETF businesses more effectively.”
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