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Tuesday, December 10, 2013

Perhaps the Blueprint For Non-Transparent ETFs is Already in Use

News summary by MFWire's editors

Fundsters and ETF market makers who are trying to figure out how to make non-transparent ETFs work may be able to turn to a group of existing ETFs for inspiration.

Brendan Conway of Barron's highlights remarks on the subject from Cantor Fitzgerald's Reggie Browne, a prominent ETF market maker. Speaking yesterday at the IMN Global Indexing & ETFs conference in Scottsdale, Arizona, Browne reportedly compared the problems of such non-transparent ETFs (a necessity, perhaps, for many active PMs to be interested in offering their strategies in ETF form) to those of foreign-stock ETFs.

Often foreign-stock ETFs have underlying components not traded during the U.S. market day, so market makers already have to figure out how to create shares of those ETFs without current information. Planned non-transparent active ETFs, Browne argued, would present market makers with a similar problem (though PMs are expected to wait three days to reveal their moves, longer than waiting for a foreign market to simply reopen for its next trading day). 

Edited by: Neil Anderson, Managing Editor

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