ETF providers defend themselves ahead of Esma proposals

The dichotomy between synthetic and physical exchange-traded funds (ETFs) is simplistic and unhelpful, according to industry participants, and even regulators may now be moving beyond this distinction. This may make no difference to the European Securities and Markets Authority (Esma) when it passes its long-awaited judgement on ETFs "very early 2012", however, as physical and synthetic ETFs alike may be compromised by the regulator.

The merits of physical versus synthetic methods are less

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