The exchange-traded note (ETN) industry in North America has gathered an impressive number of new assets since the start of 2012. In mid-February the notional outstanding for the US ETN market reached over $18 billion, an increase of more than 20% since the end of 2011. While ETN inflows had gradually been decreasing since April 2011 until the end of the year, 2012 has seen a strong pick up in volumes.
Barclays Capital has had inflows into its ETN series of around $2.5 billion since the start of
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