A long-running transatlantic row over the use of derivatives in exchange-traded funds (ETFs) appears to be over, with the US model winning the day.
Historically, US asset managers have favoured physical ETFs, which use a basket of securities to track an index. European companies, meanwhile, preferred synthetic ETFs that rely on derivatives to replicate index returns.
Those differences boiled over into an ugly spat in 2011. Larry Fink, BlackRock's chief executive, urged US regulators to ban