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Date de publication: 24 avr. 2012
Auteur: Y B
Noter cette article :

La FSA, l'Autorité des marchés de la Grande-Bretagne, a publié sa "FSA Factsheet for Investment advisers - Exchange Traded Products" pour le mois d'avril 2012 dans laquelle elle donne des conseils aux investisseurs pour les ETP.

Points clés du document :

  • ETPs are quoted and traded on stock exchanges throughout the day like ordinary shares. The price of the share determines the value of the investment.
  • The ETP’s price movement should track a pre-defined financial index or benchmark (e.g. the FTSE 100). The mechanism that ETPs use to ensure the share price stays in line with the fund value is explained more in Section 5.
  • ETPs may engage in transactions with third parties (such as using derivatives and securities lending), which results in the ETP being exposed to different assets or risks other than the risks of investing in the index.
  • ETPs vary by investment market, investment strategy, legal structure and risk. This means that not all ETPs are suitable for all types of investor.

Introduction :

This factsheet is for any firm or adviser who :

  • currently includes ETPs as part of their advice offering; or
  • is considering including ETPs in their advice offering.

The retail market for ETPs is small, but is expected to grow. We have reviewed the risks posed by ETPs, and completed a number of visits to providers who account for over 70% of the EU market. Our work leads us to believe that there are a number of competing views on the risks consumers face if they choose to invest in an ETP.

We want to raise awareness of the key features and risks we consider important. This factsheet is not intended to provide formal guidance on Handbook rules.

This factsheet explains :

  • the key features of ETPs and the differences between them;
  • the investment strategies ETPs use to generate a return, and the risks these strategies pose to investors;
  • the transactions which the fund enters into with third parties to improve the investment return, including where this involves collateral;
  • the mechanisms by which ETPs are traded and the risks that investors face when trading; and
  • the potential for conflicts of interest in ETP structures.

Investment advisers should be aware that the European Securities and Markets Authority (ESMA) published a consultation on these products and their regulatory framework in January 2012. Some aspects of this factsheet may change as a result of the consultation.

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