ETFs: moving beyond the synthetic-versus-physical debate

Under the microscope

microscope

The debate about whether or not exchange-traded products are complex was furthered by the European Securities and Markets Authority (Esma) on January 30, when the regulator revealed draft guidelines on ETFs. (In July 2011, Esma published its Policy orientations on guidelines for Ucits ETFs and structured Ucits, from which it requested industry responses.) Market participants have until the end of March to respond to the draft guidelines. Exchange-traded funds (ETFs) should include an identifi