Holding counterparty risk at arm’s length

The easiest way to overcome counterparty risk concerns for exchange-traded products is to remind investors that it is limited to 10% under the European Union's Undertakings for Collective Investment in Transferable Securities III, or Ucits III. Providers of exchange-traded funds (ETFs) have done this, adjusting their marketing to boast of resets that kick in way below the statutory 10%. Newcomer Source - whose shareholders are Bank of America/Merrill Lynch, Goldman Sachs and Morgan Stanley -

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