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In design

Primary-market dealing,
straight through.

ETF dealing isn't mutual fund dealing with a ticker. It's a small number of highly mechanical orders, each carrying real complexity — baskets, actual-cost pricing, multi-currency settlement — on an overnight clock. ETF Transfer Agency is being designed to run that lifecycle end to end, straight through.

Register interest → Why ETFs are different
Why ETFs are different

Few orders. Real mechanics.
No margin for error.

An ETF's direct investors are a handful of authorised participants, often placing one or two primary-market deals a day. The challenge isn't volume — it's the dealing mechanics, and the overnight timeline they run on.

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Orders are baskets
APs deal in creation units against a published portfolio composition — not cash amounts against a price. The expected basket is the starting point of every order.
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Pricing is actual-cost
Internationally, ETF dealing is cash on a DVP basis at actual cost: the real trading costs of the basket — slippage, FX, taxes, fees — are added to the AP's price, so the fund receives the basket effectively cost-free and tracking is protected.
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The clock is overnight
An order placed today may be traded in another market tonight, with the AP expecting a confirmed dealing price the next morning to settle the day after. The whole flow has to run straight through.
The lifecycle it runs

Order to settlement,
orchestrated.

1
Capture the order
Orders originate in the AP portal and land via API once accepted — with the expected basket derived from the portfolio composition file, or a trade-file override where the manager won't trade it exactly.
2
Match what was traded
The manager trades the basket and the executions flow back. Trades are matched to the order by reference and quantity-matched to the expected basket; FX is matched on tolerances, with restricted currencies handled trade by trade.
3
Cost it against the NAV
Once the NAV is signed off, the true cost of the execution is computed against it — price slippage, FX slippage, taxes, fees and commissions — and rolled into the dealing price.
4
Confirm and settle
Contract note to the AP at the true all-in price, settlement instructions issued — including delivery of the ETF shares themselves, not just a register entry.
The platform advantage

Built on a NAV
that's already verified.

Actual-cost dealing has a hard dependency most systems gloss over: you can't compute slippage until the NAV it's measured against is trustworthy.

ETF Transfer Agency is designed as a downstream consumer of Fund Attribution's signed-off NAV — the cost calculation runs on prices and FX rates that have already been through daily attribution, validation and two-level approval on the same platform.

Same DNA as the rest of the suite: a dashboard of the day's orders, each opening into the detail — basket, trades, FX, costs, settlement.

One creation order — costed (illustrative)
Order2 baskets · creation
Basket trades matched47 / 47
FX matched4 currencies
Price slippage+3.1 bp
FX slippage+0.8 bp
Taxes, fees & commissions+2.2 bp
Dealing price adjustment+6.1 bp
Illustrative example — figures shown are for demonstration only.
The wider platform
Available now
Fund Attribution
Daily NAV attribution and tracking-difference decomposition, to the security.
In preview
Fund Master
One governed source of truth for fund static data — maker-checker on every change.
In design
Depositary Oversight
Daily, factual UCITS investment-limit breach detection for depositaries and trustees.
Shape it with us

Dealing,
done properly.

ETF Transfer Agency is in design. If you run ETF primary-market operations — as a manager, administrator or TA — your requirements can shape what we build.

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