ETFs: moving beyond the synthetic-versus-physical debate
The past year has seen the exchange-traded funds industry plagued by discussions about the relative complexity of synthetic and physical ETFs. Will the newly published European Securities and Markets Authority guidelines on the products put the matter to rest and provide market participants with regulatory certainty? Hannah Collins reports
The debate about whether or not exchange-traded products are complex was furthered by the European Securities and Markets Authority (Esma) on January 30, when the regulator revealed draft guidelines on ETFs. (In July 2011, Esma published its Policy orientations on guidelines for Ucits ETFs and structured Ucits, from which it requested industry responses.) Market participants have until the end of
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