Taxing times for ETNs

Exchange-traded Notes

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US dealers have been caught by surprise by the success of the exchange-traded note (ETN) market. Ever since the first ETN was launched by Barclays Capital in June 2006, volumes have climbed at breakneck pace, reaching $4 billion as of October 2007, according to the Securities Industry and Financial Markets Association. Keen to build market share, a handful of rival dealers have jumped into the market, with Credit Suisse, Goldman Sachs, Lehman Brothers and UBS all launching ETN programmes of thei

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