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Tuesday, December 11, 2012

ProShares Flies with BATS

News summary by MFWire's editors

ETF manager ProShares [profile] will list the ProShares Merger ETF  on BATS Exchange,  reports Trader Magazine.

ProShares is the second ETF issuer to jump onto the electronic exchange. BlackRock [profile] was the first with the iShares MSCI Norway Capped Investable Market Index Fund, which began trading on Jan. 24.  BlackRock now has 16 iShares ETFs listed on BATS.

Traders quotes BATS chief executive Chris Isaacson as saying that a potential draw for ProShares to the electronic exchange was its "Competitive Liquidity Program" (CLP), a rewards-based program designed to provide incentives to market makers to increase liquidity and create tighter quoted spreads for each BATS listing. Through the program, liquidity providers compete for a daily reward by posting competitive quotes in an exchange-traded product (ETP). Liquidity providers are rewarded based on their continuous daily quoted size at the NBBO in the securities for which they are registered CLPs, according to Traders.

. "We think the draw for ProShares to list was us was our Competitive Liquidity Program," Issacson is quoted in the article as saying. "The program has been effective at providing tighter spreads and more size at the national best bid and offer for issues listed at BATS."

ProShares also filed with the SEC to list three more ProShares ETFs BATS in 2013, Isaacson said.   

Edited by: HFD

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