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Izimali ezihweba ngokushintshana ngokulinganayo ezingafihli lutho, ezingadaluli izinto ezibanjiweyo nsuku zonke, zigunyazwe yi-US Securities and Exchange Commission futhi kulindeleke ukuthi ekugcineni zifike e-Europe nase-Asia. UFrank Koudelka, uchwepheshe wemikhiqizo ye-ETF yomhlaba wonke ku-State Street, uthe esithangamini nabezindaba e-London izolo i-SEC igunyaze ama-ActiveShare ETFs ngoMeyi kanye nobhasikidi abammeleli ngesonto eledlule. Womabili amamodeli aziwa njenge-semi-transparent ETF, njengoba edalula ukubamba okunemvamisa efanayo ne-mutual funds. Basadinga ukugunyazwa kohlu lokushintshisana, ngakho wathi ama-ETF angaphila ngekota yokuqala yonyaka ozayo. “Silindele ukuthi zikhule kakhulu njengoba ama-ETF asebenzayo esobala eqoqe u-$90bn (€81bn) wezimpahla ezingaphansi kokuphathwa, ikakhulukazi emalini engenayo engashintshi,” kwengeza u-Koudelka. "Imikhiqizo izohamba emhlabeni wonke futhi ekugcineni ifike eYurophu nase-Asia." AbakwaBrown Brothers Harriman basho kubhulogi ngoMeyi ukuthi uhlaka lwe-Precidian Investments' ActiveShares ETF luwukugunyazwa kwe-SEC yokuqala yomkhiqizo we-ETF omsulwa lapho abaphathi babepakisha khona amasu asebenzayo ngendlela engabonisi ngale. Ibhulogi ye-Exchange Thoughts ithe: “Abaphathi abakhuthele abaye bangabaza ukungena kuma-ETF manje bangase benze amasu abo atholakale kubabukeli ababanzi babatshalizimali ngaphandle kokuveza 'usosi wabo oyimfihlo.' Kuze kube manje, abaphathi abasebenzayo bebelokhu bengena emakethe ye-ETF ngezimali ezinenkomba ze-smart-beta noma ama-ETF abonakalayo alawulwa ngenkuthalo.” UPrecidian esitatimendeni ngoMeyi uthe uhlaka lwe-ActiveShare lunikezwe ilayisense abaphathi bempahla okubalwa kubo uLegg Mason, BlackRock, Capital Group, JP Morgan, Nationwide, Gabelli, Columbia, American Century kanye noNuveen. Abatshalizimali bangathanda ukubona ama-ETF asebenza kakhulu emakethe ngokuvumelana ne-BBH 2019 Global ETF Investor Survey ngoFebruwari. “Lokhu kusikisela ukuthi inkulumo-mpikiswano phakathi kokusebenza nokungenzi lutho ayikona ukukhetha okubili - abatshalizimali be-ETF basengathola abaphathi abasebenzayo bekhanga; bavele bayifune ephaketheni lezindleko eziphansi,” kwengeza i-BBH. “Nakuba uhlaka lwe-Precidian lunikezwe ilayisense e-US kuphela, njengoba imakethe ye-ETF yomhlaba wonke iqhubeka nokuvuthwa, silindele ukuthi lesi sakhiwo sibe ipulani lama-ETF angabonisi ngale e-Europe nase-Asia.” I-BBH iphinde yasho kubhulogi kule nyanga ukuthi i-SEC inikeze ukugunyazwa okuncikene kwezinhlaka ezintsha ze-ETF ezisebenza ngokungafihli lutho ezivela e-Natixis/New York Stock Exchange (NYSE), i-T Rowe Price, i-Fidelity kanye ne-Blue Tractor Group ezisebenzisa 'obhasikidi bommeleli.' “Lezi zinhlaka ezintsha ze-ETF zethula umqondo webhasikidi elimele, elivumela abaphathi ukuthi bafihle noma bavikele izibambiso eziyisisekelo ezigcinwe ku-ETF,” kwengeza i-BBH. "Izinhlaka ezintsha ze-ETF zingamemezela inkathi entsha yama-ETF asebenzayo." UCiaran Fitzpatrick, inhloko ye-ETF esebenzela i-Europe, ku-State Street uthe esithangamini izolo kuzothatha isikhathi ukuthi lezi zakhiwo ezintsha zize eYurophu naphezu kokugunyazwa kwe-SEC. "I-Central Bank yase-Ireland kanye ne-UK Financial Conduct Authority basebenzisana ne-IOSCO ekuvezeni obala kwezimpahla ze-ETF njengoba izimakethe eziningi zase-Europe zidinga ukudalulwa nsuku zonke," kwengeza u-Fitzpatrick. "Kungase kube khona ushintsho ezinyangeni eziyi-18 kuye kwezingama-24 ezizayo kodwa lokho kudinga ukugunyazwa okuningi kuqala." Uhlelo lokusebenza lwe-International Organisation of Securities Commissions' lwango-2019 lizibophezela ekusebenzeni kuma-ETF kusukela kukho kokubili ukuvikela abatshalizimali kanye nokubuka kobuqotho bemakethe. Indikimba yabalawuli bomhlaba iphinde ibambisane ne-Financial Stability Board mayelana nezingozi ezingaba khona zokuzinza kwezezimali ezivela kuma-ETF futhi babambe umhlangano wokucobelelana ngolwazi wabahlanganyeli bemboni ngo-June walo nyaka. I-Fitzpatrick iphinde ilindele ama-ETF amasu emvelo, ezenhlalakahle kanye nokuphatha ukuze akhule e-Europe kanye nabakhiphi abaningi base-US ukuthi baqalise ama-ETF esifundeni. "Bonke abakhiphi ababalulekile bangena esikhaleni se-ESG futhi kukhona nabasanda kungena," kusho uFitzpatrick. "Sisekuqaleni komgwaqo e-Europe futhi i-ESG izoba ngumdlali obalulekile eminyakeni ezayo." Uqhube wathi i-State Street ihlala isebenzisana nabakhiphi base-US abafuna ukwethula ama-ETF emhlabeni jikelele, kanye nabakhiphi base-Europe abafuna ukusabalalisa ama-ETF eNingizimu Melika, e-Asia nase-Israel. "Kudingeka babe nomkhiqizo we-niche onjenge-ESG, izici noma itimu futhi inselelo ukuthi abadlali abakhulu sebevele bekulezo zikhala," kwengeza uFitzpatrick. Ngokwesibonelo, i-Goldman Sachs Asset Management imemezele ukwethulwa kwebhizinisi le-ETF yaseYurophu ngo-September walo nyaka ngemva kokunikeza ama-ETF e-US kusukela ngo-September 2015. I-ETF yokuqala yase-Europe ye-GSAM kwakuyi-Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF ebhalwe e-London. Lesi sikhwama siyinguqulo yaseYurophu ye-ETF yaso ephambili e-US, enempahla engaphezu kuka-$6.5bn futhi i-GSAM ithe iyi-ETF enkulu kunazo zonke ye-multi-factor equity emhlabeni. U-Nick Phillips, inhloko yebhizinisi lamakhasimende ezitolo emhlabeni wonke kwa-GSAM, esitatimendeni uthe: “Izimali zizoba usizo kumakhasimende ezitolo nawezikhungo. Lesi isengezo esibalulekile ekunikezeni kwethu umkhiqizo wamazwe ngamazwe futhi sikujabulele kakhulu ukungena emakethe ye-ETF yaseYurophu ekhula ngokushesha.” I-GSAM ithe ngoSepthemba ihlela ukwethula izinhlobonhlobo zama-ETF ezinyangeni eziyisithupha ezizayo. Ngesonto eledlule inkampani ibe ngumkhiphi omusha ekuhwebeni kweSwitzerland ngokwethula ama-ETF amathathu e-beta ahlakaniphile. I-Koudelka iphinde ilindele ukukhula kwemakethe ye-ETF yaseYurophu kusukela ekuqalisweni kwabacebisi abaningi be-robo. "E-US kukhona ama-dollar ayizigidi eziyizinkulungwane ezingu-275 ezimpahleni ezingaphansi kokuphathwa kwe-robos futhi okuningi kwalokho okukuma-ETF, futhi lokho kuzokwanda emhlabeni wonke," esho. E-Europe ukwethulwa kwemithetho ye-MiFID II ekuqaleni konyaka odlule kwagunyaza ukubika kokuhweba kwe-ETF okokuqala ngqa esifundeni. Ukugeleza kwe-ETF kunyukile kusukela i-MiFID II yahamba i-Iive kodwa u-Fitzpatrick wathi kudingeka okwengeziwe ukuze kuthuthukiswe ukubonakala. "I-tape ehlanganisiwe yase-Europe izoshintsha umdlalo ekwandiseni ukubonakala futhi inikeze isithombe esicacile samavolumu e-ETF kanye ne-liquidity emakethe yonkana," kusho u-Fitzpatrick. U-Koudelka wengeze ngokuthi i-State Street ibheke ukuhlinzeka ngedatha eyengeziwe ukuze kukhuliswe isidingo. “Ngokusebenzisana neGlobal Markets sithuthukisa ukubikwa kwedatha yokugcinwa kwezimali njengohlobo lwabatshalizimali abathenga ama-ETF, nendawo abakuyo, okuzosiza ukukhiqiza,” usho kanje. U-Fitzpatrick uqhube wathi ngonyaka ozayo i-State Street izokhipha iziqinisekiso ezifundeka ngomshini ezijwayelekile Zabahlanganyeli Abagunyaziwe (ama-APs), abethula ubhasikidi wezibambiso ukuze bakhe amasheya e-ETF noma bathole ubhasikidi wezibambiso ukuze bahlenge amasheya e-ETF, futhi banikeze imali emakethe. “Sitshala imali eningi njengengxenye yohlelo lweminyaka emithathu futhi kuzozuzisa yonke imakethe yaseYurophu kanye nohlelo olubanzi lwe-ETF lwemvelo,” kwengeza uFitzpatrick. "Sizophinda sethule Iphothali ye-AP kungosi yethu ye-Fund Connect yemakethe eyinhloko yobunikazi ukuze sivumele ama-AP, nabakhiphi, ukuthi bafinyelele idatha ye-ETF efanelekile njengokuqinisekisa kwe-AP, idatha yenani lengqikithi, amafayela okwakhiwa kwephothifoliyo, nobhasikidi bamanani." I-Markets Media yethulwa ngo-2007 ukuze ihlinzeke ngokuqukethwe okuyinkimbinkimbi, okujulile okuhlanganisa yonke imikhakha yemboni yezibambiso, okulethwa kunkundla yokuxhumana yokuphrinta, ku-inthanethi kanye nemicimbi.