ETNs poised for a comeback

Worries over counterparty credit risk stymied the development of the market for exchange-traded notes, but as those concerns recede and the products spread outside their home in the US, 2010 could be the year that the investments come into their own. By John Ferry


Only a few years ago, it looked as though the exchange-traded note (ETN) market would just grow and grow. After Barclays Capital got things going in the US in June 2006 with the launch of its iPath series of ETNs on the New York Stock Exchange and the American Stock Exchange, money flowed in to the products and other dealers rushed to launch their own versions. But when Lehman Brothers collapsed in September 2008, the party came to an abrupt end. Their status as unsecured debt obligations means

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