The ETF Ecosystem: Building Herd Immunity

Regulatory structures and industry infrastructure are maturing and support continued growth for global exchange-traded funds.

Boston, May 5, 2020 –The global industry has experienced significant evolution and maturity across most of the value chain: The number of ETF listings has exploded, issuers offering different types and styles of ETFs have flourished, the ETF intermediaries have reached enormous scale, and the cost to invest, in some cases, has gone down to zero. The regulatory structure and market infrastructure supporting ETFs have evolved in several significant ways, too. What other trends are affecting the trading of ETFs and the overall ecosystem—and what risks and opportunities face the industry?

This report discusses some of the current trends affecting the ETF ecosystem and outlines the most relevant innovations that key players across the supply chain are deploying to deliver one of the most innovative investment products ever produced. It is based on Aite Group interviews conducted in Q3 and Q4 2019 of over a dozen U.S. participants from ETF market-makers, ETF issuers, buy-side investors of ETFs, and technology vendors working to solve problems in the ETF market.

This 30-page Impact Report contains five figures and 11 tables. Clients of Aite Group’s Institutional Securities & Investments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions ALPS, Arizona State Retirement System, Bank of America Merrill Lynch, Bank of New York Mellon, Barclays Capital, BlackRock, Bloomberg, Bluefin Trading, Blue Tractor, BNP Paribas, Brown Brothers Harriman, BTIG, Capital Institutional Services (CAPIS), CBOE BATS, Chicago Trading Group, Citadel Securities, Citigroup, CME Group, Cowen, Credit Suisse, Dealerweb, Deutsche Bank, DRW, Eaton Vance, ETFGI, ETF Global, ETFLogic, Eurex Exchange, FlexTrade, Fidelity, Financial Industry Regulatory Authority, Flow Traders, FundConnect, Goldman Sachs, Group One Trading, GTS, Horizon Software, Hudson River Trading, ICAP, IHS Markit, IMC Financial, Intercontinental Exchange Group, Itiviti, Jane Street Capital, Jefferies, JonesTrading, JP Morgan Chase, Jump Trading, Latour Trading, MarketAxess, Morgan Stanley, National Association of Insurance Commissioners, Nasdaq, Natixis, NextShares, NYSE, Old Mission Capital, Optiver, PEAK6, Piper Jaffray, Precidian, ProShares, Quod Financial, RIMES Technologies, RBC, Securities and Exchange Commission, SEI, Simplex Trading, Societe Generale, State Street Bank, State Street Global Advisors, Susquehanna International Group, Tradeweb, Tradition Financial Services, Tullett Prebon, Two Sigma Securities, T. Rowe Price, UBS, Ultumus, US. Bank, VelocityShares, Velox Financial, Virtu Financial, Walleye Trading, Wolverine Trading, XR Trading, and XTX Trading.

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