The growth in exchange-traded funds (ETFs) has raised concerns over the last few months since Srichander Ramaswamy, Senior Economist at the Bank for International Settlements, published his paper 'Market structures and systemic risks of exchange-traded funds' highlighting the risk involved in the use of structured financial instruments by some of these funds in the form of total return swaps. The European Securities and Markets Authority (ESMA) recently held a consultation on ETFs and structured UCITS to gather evidence which should help it establish whether UCITS rules need fine-tuning to adapt to these vehicles. This ECMI research seminar will bring together all the major players on the regulatory and industry sides to discuss both investor protection and financial stability issues.
Participation in this event is free of charge for ECMI and CEPS members, non-members may be admitted for €50, paid in cash at registration. A sandwich lunch (€6) will be served after the meeting.