Matrix Financial Solutions to Offer Same-day ETF Trading

March 15, 2010 (PLANSPONSOR.com) - Matrix Financial Solutions, a provider of retirement products and services to third party administrators (TPAs), financial advisers, banks, and wealth management professionals, has announced that it will make ETFs eligible for retirement plan trading on its platform.

According to the announcement, the ETF platform will allow for same-day exchange processing between traditional NSCC eligible T+1 settled mutual funds and the T+3 settled ETFs. Initially, more than 800 ETFs will be eligible to be traded on the new platform.      

In addition, the solution allows for fractional shares to be traded.      

Matrix said it has been actively trading some ETFs for a small number of retirement plans with a couple of TPAs in a beta environment since November. During this process, the trades were custodied at MG Trust Company, LLC, a Matrix Financial Solutions affiliate company, and processed through an integrated link with a strategic alliance Matrix has made with a financial services firm, the announcement said.       

In addition, ETF research is available through Matrix's RetireTool(k)it product.      

Rebecca Moore
editors@plansponsor.com