La World Federation of Exchanges a publié le nouveau numéro de sa revue "FOCUS" (n°237, novembre 2012) sur le thème des Exchange-Traded Fund.
Le document est intitulé "Exchange-Traded Funds (ETFs) Trading - Creation and redemption with exchange traded funds".
Points clés du numéro de ce mois-ci :
Les premiers pas vers un règlement des ETF par Laurent Grillet-Aubert, AMF ;
Les échanges d'ETF par Deborah Fuhr, ETFGI ;
Enqupete sur le coût et les revenus de la WFE en 2011 ;
Analyse du marché d'octobre 2012 par la WFE.
I is always risky to compare the structure of different markets, and assume that similar rules would create similar results. Still, there are some factors – such as transparency of price formation and size of spreads – that generally favor higher volumes. At recent presentation on ETFs, a banker pointed out that the value of trading in ETFs and ETPs in North America was greater than the value of trading in all cash equities in Europe. While the WFE figures do not confirm these markets to be exactly even, it is surprising that how liquid ETFs are in the North America.
Among WFE regions, Europe/ Middle East /Africa accounts for 60% of all ETF listings. Yet the North American exchanges account for 87% of the value traded. (see page 10).
The reason for this, as Ms. Deborah Fuhr, Partner at ETFGI points out, is that an estimated ‘70% of (European) ETF trades are overthe-counter (OTC) and are often not reported.’ Regulators, already dealing with dark trading in Europe are well aware of the issue: “ETFs were found, more tentatively, to raise potential issues with regard to market integrity, in particular when a large part of the ETF trading does not occur on an exchange, but OTC”. The evolution of the North American model where “algorithmic and high-frequency trading (AT/HFT) raise the complexity and size of order flow,” may not be the direction that other policy makers would favor for their markets. As suggested, the way forward appears to include analyzing related risks and developing analytical tools through academic research to settle the number of remaining questions.
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