Dealers fight back amid ETF regulatory scrutiny

Three separate reports from global regulators have warned about the build-up of systemic risk in the exchange-traded funds market, but providers claim supervisors have misunderstood the nature of the market. By Peter Madigan


When three regulatory bodies independently and almost simultaneously reveal concerns about the systemic risks posed by a particular class of product, people sit up and take notice. That is exactly what happened in April, when the Bank for International Settlements (BIS), Financial Stability Board (FSB) and International Monetary Fund (IMF) all published reports highlighting fears about the rapid growth of the exchange-traded fund (ETF) market.

ETF providers are fighting back, though. Faced with

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