Last month, the NYSE successfully migrated the NYSE Equities platform to NYSE Pillar technology. Thanks to a substantial effort from the entire NYSE trading community, the migration went off without a hitch and Pillar, a fully integrated, high throughput, low latency, deterministic, and highly redundant trading system, is now the backbone of one of the most important financial institutions in the world.
Pillar's anticipated benefits are already being realized. In particular, the new "Native Gateway" order entry protocols offer dramatic improvements for members and their clients:
Pillar offers clients significant performance improvements at no additional cost.
To take advantage of Pillar's performance, visit www.nyse.com/pillar for specifications, differences documentation, and assistance in testing and registration. If you do not connect directly to the NYSE, contact your broker to ensure they are utilizing the Pillar Native Gateway technology.
If you would like to learn more about Pillar, listen to our podcast Inside the ICE House, where the technologists that designed Pillar discuss the history of the system and the effort involved in the migration.
2023 was an exceptional year for global equity ETPs. Until the fourth quarter, profits were limited generally to a few tech companies, but gains broadened in Q4. We review fund flows, returns and activity in multiple equity ETP categories.
Actively managed ETPs now account for 1/3 of all U.S. ETP listings, accounting for 6.5% of AUM and 22.5% of fund flows in 2023. Futures-based Crypto ETP activity grew as the year progressed, likely in anticipation of the 11-Jan-2024 launch of cash bitcoin ETPs.
U.S.- listed ETP AUM continued to grow, with NYSE Group markets leading the way. Equities remain the largest asset class, but fixed income products gained ground.