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Ndalama za Semi-transparent equity exchange-trads, zomwe siziwulula zomwe zikuchitika tsiku ndi tsiku, zavomerezedwa ndi US Securities and Exchange Commission ndipo zikuyembekezeka kubwera ku Europe ndi Asia. Frank Koudelka, katswiri wazamalonda wapadziko lonse wa ETF ku State Street, adatero pamsonkhano wa atolankhani ku London dzulo kuti SEC idavomereza ActiveShare ETFs mu Meyi ndi madengu oyimira sabata yatha. Mitundu yonseyi imadziwika kuti Semi-transparent ETFs, chifukwa imawulula zomwe zili ndi ma frequency ofanana ndi ndalama zogawana. Akufunikabe kuvomerezedwa kwa mindandanda, kotero adati ma ETF atha kukhala ndi moyo pofika kotala loyamba la chaka chamawa. "Tikuyembekeza kuti azikula kwambiri chifukwa ma ETF omwe amawonekera poyera apeza $90bn (€ 81bn) m'zinthu zomwe zimayang'aniridwa, makamaka ndi ndalama zomwe amapeza," anawonjezera Koudelka. "Zogulitsazo ziziyenda padziko lonse lapansi ndipo pamapeto pake zibwera ku Europe ndi Asia." Brown Brothers Harriman adanena mu blog mu May kuti dongosolo la Precidian Investments' ActiveShares ETF linali loyamba la SEC kuvomereza kwa ETF yoyera kumene mameneja anali kulongedza njira zogwirira ntchito m'njira yosawonekera. The Exchange Thoughts blog inati: "Mameneja ochita chidwi omwe adazengereza kulowa mu ETFs tsopano angapangitse njira zawo kuti zipezeke kwa anthu ambiri omwe amagulitsa ndalama popanda kuwulula 'msuzi wawo wachinsinsi.' Mpaka pano, mamanejala omwe akugwira ntchito akhala akulowa mumsika wa ETF pogwiritsa ntchito ndalama za smart-beta indexed kapena ma ETF omwe amawonekera mwachangu. Precidian adati m'mawu ake mu Meyi kuti mawonekedwe a ActiveShare adaloledwa ndi oyang'anira katundu kuphatikiza Legg Mason, BlackRock, Capital Group, JP Morgan, Nationwide, Gabelli, Columbia, American Century ndi Nuveen. Otsatsa akufuna kuwona ma ETF achangu pamsika molingana ndi Kafukufuku wa Investor wa BBH 2019 Global ETF mu February. "Izi zikusonyeza kuti mkangano pakati pa kuchitapo kanthu ndi kungokhala chete sikuli koyenera - osunga ndalama a ETF angapezebe kasamalidwe kosangalatsa; amangochifuna m’thumba lotsika mtengo,” anawonjezera BBH. "Ngakhale kuti dongosolo la Precidian lili ndi chilolezo ku US kokha, pamene msika wa ETF wapadziko lonse ukukula, tikuyembekeza kuti dongosololi likhoza kukhala ndondomeko ya ma ETF osawonekera ku Ulaya ndi Asia." BBH inanenanso mu blog mwezi uno kuti SEC idapereka chilolezo chodziwikiratu kwa nyumba zatsopano za ETF zowonekera pang'onopang'ono kuchokera ku Natixis/New York Stock Exchange (NYSE), T Rowe Price, Fidelity ndi Blue Tractor Group zomwe zimagwiritsa ntchito 'mabasiketi oyimira.' "Mabungwe a ETF atsopanowa amayambitsa lingaliro la basket woyimira woyimira, zomwe zimathandiza mamanejala kubisa kapena kubisa masheya omwe ali mu ETF," inawonjezera BBH. "Njira zatsopano za ETF zitha kulengeza nyengo yatsopano ya ETFs yogwira ntchito." Ciaran Fitzpatrick, mkulu wa ETF yotumikira ku Ulaya, ku State Street adanena mwachidule dzulo kuti zidzatenga nthawi kuti nyumba zatsopanozi zibwere ku Ulaya ngakhale kuti SEC ivomereza. "Central Bank of Ireland ndi UK Financial Conduct Authority akugwira ntchito ndi IOSCO pakuwonetsetsa kuwonekera kwa ETF monga misika yambiri yaku Europe imafuna kuwululidwa tsiku lililonse," adawonjezera Fitzpatrick. "Pakhoza kukhala zosintha m'miyezi 18 mpaka 24 ikubwerayi koma izi zimafunikira kuvomerezedwa koyambirira." Pulogalamu ya International Organisation of Securities Commissions's 2019 ikudzipereka kugwira ntchito pa ETFs kuchokera kuchitetezo cha osunga ndalama komanso kuwona kukhulupirika kwa msika. Bungwe la olamulira padziko lonse lapansi likugwirizananso ndi Bungwe la Financial Stability Board pa zoopsa zomwe zingachitike pazachuma kuchokera ku ETFs ndipo adachita nawo msonkhano wothandizana nawo mu June chaka chino. Fitzpatrick ikuyembekezanso kuti ma ETF a njira za chilengedwe, chikhalidwe ndi kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe ka kayendetsedwe kabwino kake kuti ikule ku Ulaya komanso kuti makampani ambiri a US ayambe kukhazikitsa ETF m'deralo. "Onse opereka makiyi akulowa mumalo a ESG ndipo palinso olowa," adatero Fitzpatrick. "Tangotsala pang'ono kuyamba ku Europe ndipo ESG ikhala osewera kwambiri m'zaka zikubwerazi." Anapitirizabe kuti State Street imagwirizana nthawi zonse ndi opereka US omwe akufuna kukhazikitsa ETFs padziko lonse lapansi, komanso ogulitsa ku Ulaya omwe akufuna kugawa ma ETF ku South America, Asia ndi Israel. "Ayenera kukhala ndi zinthu zina monga ESG, zinthu kapena mutu ndipo vuto ndilakuti osewera akulu ali kale m'malo amenewo," adawonjezera Fitzpatrick. Mwachitsanzo, Goldman Sachs Asset Management adalengeza kukhazikitsidwa kwa bizinesi ya European ETF mu September chaka chino atapereka ma ETF ku US kuyambira September 2015. ETF yoyamba ya GSAM ku Ulaya inali Goldman Sachs ActiveBeta US Large Cap Equity UCITS ETF yomwe ili ku London. Thumbali ndi mtundu waku Europe wa ETF yake yayikulu ku US, yomwe ili ndi katundu wopitilira $6.5bn ndipo GSAM idati ndi ETF yayikulu kwambiri padziko lonse lapansi. Nick Phillips, wamkulu wa bizinesi yamakasitomala padziko lonse lapansi ku GSAM, adati m'mawu ake: "Ndalamazi zizikhala zofunikira kwa makasitomala onse ogulitsa komanso ogulitsa. Izi ndizowonjezera pazogulitsa zathu zapadziko lonse lapansi ndipo tili okondwa kwambiri kulowa msika womwe ukukula mwachangu ku Europe ETF. " GSAM idati mu Seputembala ikukonzekera kukhazikitsa ma ETF osiyanasiyana m'miyezi isanu ndi umodzi ikubwera. Sabata yatha kampaniyo idakhala wotulutsa watsopano pakusinthana kwa Swiss poyambitsa ma ETF atatu anzeru a beta. Koudelka amayembekezanso kukula kwa msika wa European ETF kubwera kuchokera kukhazikitsidwa kwa alangizi a robo. "Ku US kuli chuma cha $ 275bn chomwe chimayang'aniridwa ndi robos ndipo zambiri zomwe zili mu ETFs, ndipo zidzakula padziko lonse lapansi," adatero. Ku Europe kukhazikitsidwa kwa malamulo a MiFID II koyambirira kwa chaka chatha adalamula kuti apereke malipoti a malonda a ETF kwa nthawi yoyamba m'derali. Mayendedwe a ETF achulukirachulukira kuyambira pomwe MiFID II idapita ku Iive koma Fitzpatrick adati zambiri ndizofunikira kuti zisawonekere. "Tepi yophatikizika yaku Europe ingakhale yosinthira masewera pakukulitsa kuwonekera ndikupereka chithunzi chomveka bwino cha kuchuluka kwa ETF ndi kuchuluka kwachuma pamsika," adatero Fitzpatrick. Koudelka adawonjezeranso kuti State Street ikuyang'ana kuti ipereke zambiri kuti iwonjezere kufunika. "Mogwirizana ndi Global Markets tikupanga malipoti okhudzana ndi chitetezo monga mtundu wa osunga ndalama omwe amagula ETFs, ndi malo awo, zomwe zingathandize kutsogolera," adatero. Fitzpatrick anapitiriza kuti chaka chamawa State Street adzamasula yokhazikika makina owerengeka zitsimikiziro kwa Authorized Participants (APs), amene kupereka dengu la zitetezo kupanga magawo ETF kapena kulandira dengu la zotetezedwa kuwombola magawo ETF, ndi kupereka ndalama pa msika. "Tikugulitsa ndalama zambiri monga gawo la mapulani azaka zitatu ndipo izi zipindulitsa msika wonse waku Europe komanso chilengedwe chonse cha ETF," adawonjezera Fitzpatrick. "Tikhazikitsanso AP Portal mu portal yathu yayikulu yogulitsa malonda a Fund Connect kuti tilole ma AP, ndi opereka, kuti azitha kupeza zofunikira za ETF monga chitsimikiziro cha AP, zidziwitso zamtengo wapatali, mafayilo opangidwa ndi mbiri, ndi madengu amitengo." Markets Media idakhazikitsidwa mchaka cha 2007 kuti ipereke zinthu zapamwamba, zozama zomwe zimafalikira m'magawo onse achitetezo chachitetezo, zoperekedwa papulatifomu yolumikizana yosindikiza, pa intaneti ndi zochitika.