The invention of the ETF was inspired by the SEC's response to the infamous rout called Black Monday.
| Eric Balchunas|
Senior ETF Analyst, Funds Product Specialist
So begins the story told in Bloomberg
by Eric Balchunas. The long piece offers fundsters interested in industry history a deep dive into the origins of the exchange-traded mutual fund business.
The origin story, set from 1988 to 1993, features a big cast of characters, including: the late Nathan Most
, then vice president of new product development at the American Stock Exchange (now part of the NYSE); Steven Bloom
, then also on the Amex product development team alongside Most; Arthur Levitt
, then chairman of the Amex; David Ruder
, chairman of the SEC from 1987 to 1989; Vanguard founder Jack Bogle
; Kathleen Moriarty
, partner at Kaye Scholer who helped out Amex on the legal side; Howard Kramer
, then a staffer in the SEC's division of market regulation; Peter Haynes
, then at the Toronto Stock Exchange; James Ross
from SSgA; and Gary Eisenreich
, then a specialist at ETFs' first market maker, Spear Leeds & Kellogg.
Neil Anderson, Managing Editor
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