Ubuchwephesha bokuncamathelisa iBopp Jumbo Roll Packing Tape

Iimali ezithengiswayo ze-Semi-transparent equity exchange-trade, ezingabonakali ukubamba imihla ngemihla, zivunyiwe yi-US Securities and Exchange Commission kwaye kulindeleke ukuba ekugqibeleni zize eYurophu nase-Asia. UFrank Koudelka, ingcali yemveliso ye-ETF yehlabathi jikelele kwiSitalato saseState, uthe kwinkomfa yeendaba eLondon izolo ukuba i-SEC ivume i-ActiveShare ETFs ngoMeyi kunye neebhasikithi zeproxy kwiveki ephelileyo. Zombini iimodeli zaziwa ngokuba zii-ETF ezingafihliyo, kuba zityhila ukubamba ngokuphindaphindiweyo njengeengxowa-mali ezifanayo. Basafuna imvume yoluhlu lotshintshiselwano, ngoko ke wathi ii-ETF zingaphila ngekota yokuqala yonyaka ozayo. "Silindele ukuba zikhule kakhulu njengoko ii-ETF ezisebenzayo ezicacileyo ziqokelele i-$ 90bn (€ 81bn) kwii-asethi eziphantsi kolawulo, ngokukodwa kwingeniso esisigxina," wongezelela u-Koudelka. "Iimveliso ziya kujikeleza umhlaba kwaye ekugqibeleni zize eYurophu naseAsia." UBrown Brothers Harriman uthe kwiblogi ngoMeyi ukuba iPrecidian Investments 'ActiveShares ETF isakhiwo yaba yimvume yokuqala ye-SEC yemveliso ye-ETF esulungekileyo apho abaphathi babepakisha izicwangciso ezisebenzayo ngendlela engacacanga. Ibhlog ye-Exchange Thoughts ithe: “Abaphathi abasebenzayo abaye bathandabuza ukungena kwi-ETFs ngoku banokwenza izicwangciso zabo zifumaneke kubaphulaphuli ababanzi babatyali-mali ngaphandle kokutyhila 'isosi yabo eyimfihlo.' Ukuza kuthi ga ngoku, abaphathi abasebenzayo bebengena kwimakethi ye-ETF ngeemali ze-smart-beta ezinesalathiso okanye ii-ETFs ezingafihliyo ezilawulwa ngokusebenzayo. U-Precidian uthe kwingxelo ngoMeyi ukuba isakhiwo se-ActiveShare sinikwe ilayisenisi ngabaphathi be-asethi kuquka uLegg Mason, BlackRock, Capital Group, JP Morgan, Nationwide, Gabelli, Columbia, American Century kunye neNuveen. Abatyali-mali bangathanda ukubona ii-ETF ezisebenza ngakumbi kwimarike ngokwe-BBH 2019 Global ETF Investor Survey ngoFebruwari. “Oku kubonisa ukuba ingxoxo phakathi kwe-active ne-passive ayilokhetho olubini – abatyali-zimali be-ETF basenokufumana ulawulo olusebenzayo lunomtsalane; bafuna nje kwixabiso eliphantsi,” wongeze watsho uBBH. "Nangona ulwakhiwo lwe-Precidian okwangoku lunelayisensi kuphela e-US, njengoko imakethi ye-ETF yehlabathi iqhubeka ukukhula, silindele ukuba ulwakhiwo lube luyilo lwee-ETF ezingafihlwayo eYurophu nase-Asiya." I-BBH iphinde yathi kwiblogi kule nyanga ukuba i-SEC inike imvume engalindelekanga yezakhiwo ezitsha ze-ETF ezingafihliyo ezisuka eNatixis/New York Stock Exchange (NYSE), iT Rowe Price, iFidelity kunye neBlue Tractor Group ezisebenzisa 'iibhasikithi zeproxy.' "Ezi zakhiwo ze-ETF zintsha zazisa ingqikelelo yebhasikithi emele ummeli, eyenza abaphathi bakwazi ukufihla okanye ukukhusela izibambiso ezisisiseko ezigcinwe kwi-ETF," yongeza i-BBH. "Ulwakhiwo olutsha lwe-ETF lunokwazisa ixesha elitsha lee-ETF ezisebenzayo." UCiaran Fitzpatrick, intloko ye-ETF esebenzela iYurophu, kwiSitalato saseState uthe kwingcaciso izolo kuya kuthatha ixesha ukuba ezi zakhiwo zitsha zifike eYurophu nangona imvume ye-SEC. "I-Central Bank yase-Ireland kunye neGunya lokuPhatha kwezeMali lase-UK lisebenzisana ne-IOSCO ekuhleni kwezinto ze-ETF njengoko iimarike ezininzi zaseYurophu zifuna ukuvezwa kwansuku zonke," wongezelela uFitzpatrick. "Kunokubakho utshintsho kwiinyanga ezili-18 ukuya kwezingama-24 ezizayo kodwa oko kufuna imvume eninzi kuqala." Inkqubo yomsebenzi ye-International Organisation of Securities Commissions '2019 izibophelela ekusebenzeni kwii-ETF ukusuka kokubini ukhuseleko lomtyali-mali kunye nembono yentengiso yentembeko. Umbutho wabalawuli behlabathi ukwasebenzisana neBhodi yoZinzo lwezeMali kwimingcipheko yozinzo lwezemali enokubakho evela kwii-ETF kwaye babambe indibano yocweyo ehlangeneyo yabathathi-nxaxheba kushishino ngoJuni walo nyaka. I-Fitzpatrick iphinde ilindele ukuba ii-ETF zendalo, intlalo kunye nezicwangciso zolawulo zikhule eYurophu kunye nabakhuphi abaninzi base-US ukuba baqalise ii-ETFs kummandla. "Bonke abakhupheli abaphambili bangena kwindawo ye-ESG kwaye kukho nabangeneli abatsha," utshilo uFitzpatrick. "Sisekuqaleni kwendlela eYurophu kwaye i-ESG iya kuba ngumdlali obalulekileyo kwiminyaka ezayo." Waqhubeka ukuba iSitalato se-State sihlala sisebenzisana nabakhuphi base-US abafuna ukusungula ii-ETF zehlabathi jikelele, kunye nabakhupheli baseYurophu abafuna ukusasaza ii-ETF eMzantsi Melika, e-Asia nase-Israel. "Kufuneka babe nemveliso ye-niche efana ne-ESG, izinto okanye umxholo kwaye umceli mngeni kukuba abadlali abakhulu sele bekwezo zithuba," wongeze watsho uFitzpatrick. Ngokomzekelo, i-Goldman Sachs Asset Management ibhengeze ukuqaliswa kweshishini le-ETF yaseYurophu ngoSeptemba kulo nyaka emva kokunikezela nge-ETFs e-US ukususela ngoSeptemba 2015. I-ETF yokuqala ye-GSAM yaseYurophu yayiyi-Goldman Sachs ActiveBeta yase-US Large Cap Equity UCITS ETF edweliswe eLondon. Ingxowa-mali yinguqulelo yaseYurophu ye-Flagship ETF e-US, ene-asethi engaphezu kwe-6.5bn ye-asethi kwaye i-GSAM ithe yeyona ETF enkulu yezinto ezininzi emhlabeni. U-Nick Phillips, intloko yeshishini labathengi bamazwe ngamazwe kwi-GSAM, uthe kwingxelo: "Imali iya kuba yinto efanelekileyo kubo bobabini abathengi kunye namaziko. Olu lulongezelelo olubalulekileyo kwimveliso yethu yamazwe ngamazwe kwaye sivuya kakhulu ukungena kwimarike ye-ETF ekhula ngokukhawuleza yaseYurophu. I-GSAM ithe ngoSeptemba iceba ukuphehlelela uluhlu lwee-ETF kwezi nyanga zintandathu zizayo. Kwiveki ephelileyo, inkampani iye yaba ngumkhuphi omtsha kutshintshiselwano lwaseSwitzerland ngokusungula ii-ETF ezintathu ze-beta. I-Koudelka iphinde ilindele ukukhula kwimarike ye-ETF yaseYurophu ukuba ivela ekuqalisweni kwabacebisi abaninzi be-robo. "E-US kukho i-275bn yee-asethi phantsi kolawulo kwi-robos kwaye ininzi kwi-ETFs, kwaye iya kwanda kwihlabathi jikelele," watsho. EYurophu ukuqaliswa kwemigaqo ye-MiFID II ekuqaleni konyaka ophelileyo kugunyazise ingxelo yorhwebo lwe-ETF okokuqala ngqa kulo mmandla. Ukuhamba kwe-ETF kunyukile ukusukela oko i-MiFID II iye Iive kodwa u-Fitzpatrick uthe ngaphezulu kuyafuneka ukuphucula ukungafihli. "Iteyiphu edityanisiweyo yaseYurophu ingatshintsha umdlalo ekwandiseni ukubonakala kwaye inike umfanekiso ocacileyo wemithamo ye-ETF kunye nokungabikho kwemali kwimarike," utshilo uFitzpatrick. U-Koudelka wongezelela ukuba i-State Street ijonge ukubonelela ngedatha eyongezelelweyo ukwenzela ukunyusa imfuno. "Ngokusebenzisana neeMarike zeHlabathi siphuhlisa ingxelo yedatha yokugcina njengohlobo lwabatyalo-mali abathenga ii-ETF, kunye nendawo yabo, eya kunceda ukukhokela kwisizukulwana," watsho. UFitzpatrick uqhubekile ukuba kunyaka ozayo iState Street iza kukhupha iziqinisekiso ezifundeka ngoomatshini ezisemgangathweni kuBathathi-nxaxheba abaGunyaziweyo (APs), abanikezela ngebhaskithi yezibambiso ukwenza izabelo ze-ETF okanye bafumane ibhaskithi yezibambiso ukuze bahlawule izabelo ze-ETF, kwaye babonelele ngezimali kwimarike. “Sityala imali eninzi njengenxalenye yesicwangciso seminyaka emithathu kwaye iyakunceda imarike yaseYurophu yonke kunye ne-ETF ecosystem,” wongeze watsho uFitzpatrick. "Siza kuphinda siphehlelele i-AP Portal kwi-portal yethu yentengiso ephambili ye-Fund Connect ukuvumela ii-APs, kunye nabakhuphi, ukuba bafikelele kwidatha ye-ETF efanelekileyo efana nokuqinisekiswa kwe-AP, idatha yexabiso le-asethi, iifayile zokuqulunqwa kweepotfoliyo, kunye neebhasikithi zamaxabiso." I-Markets Media yasungulwa ngo-2007 ukubonelela ngomxholo ophucukileyo, onzulu oquka onke amacandelo oshishino lwezokhuseleko, uhanjiswe kwiqonga le-synergistic lokuprinta, kwi-intanethi kunye neziganeko.