Esma levels ETF playing field

Levelling the field for synthetic ETFs

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The European Securities and Markets Authority (Esma) passed its verdict on exchange-traded funds (ETFs) on July 25 with the release of guidelines that could have a big impact on the use of physically backed ETFs in Europe. Most striking is the regulator's decision to require the profits of securities lending to be passed back to investors, where previously physically backed ETF providers were accustomed to taking those profits for their own book or using them to subsidise the fees charged on thi

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