Throughout the last quarter we saw increased adoption of the ICE ETF Hub as we welcomed more Market Makers to the platform as part of the pilot program that was successfully launched earlier this year. The pilot program allows Market Makers to experience the custom negotiation functionality in a controlled environment. Within the first two months from the launch of the program we’ve seen over 300 custom baskets created. Jane Street, Brownstone and Flow Traders are just some of the latest Market Makers to join the Hub.
Q3 also saw the release of multiple product enhancements. Connectivity between ICE ETF Hub and ICE FI Select was completed, enabling Hub users to stage orders and source bonds in the secondary market via ICE Bonds liquidity pools further driving ETF creation / redemption workflow efficiencies. We also added new functionality to our custom basket negotiation facilitation including, pre-screening of investable lists allowing for a faster turnaround time of security selection and the launch of Phase 1 of the Issuer Basket Tool, an enhanced workflow with new communication features allowing Issuers to negotiate baskets and interact with their portfolio management systems. These innovations drive standardization and automation helping to increase scale and efficiencies in the ETF market.