Trading in the open
The trading of exchange-traded funds (ETFs) in Europe is far greater than it first appears, mainly because the trading figures released by stock exchanges do not include the vast wealth of the investments that change hands in the over-the-counter market. But this truth cannot disguise the drag on market development that is being caused by the high degree of similarity between ETFs in Europe, most of which trade in low volumes on a multitude of exchanges.
“European ETFs do not begin to see the
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