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September 20, 2014
ETP Landscape
Mar 11 2013 | 12:03 AM

The Plan to Address Extraordinary Market Volatility, also known as Limit Up/Limit Down (LULD), will begin its pilot period in 2013. LULD requirements are designed to prevent trades in individual securities from occurring outside of the specified Price Bands, across all US markets, while allowing the product to continue to trade. It is replacing the current system of single-stock circuit breakers that was established in 2010. Phase I of the one-year LULD  pilot will begin on April 8th, 2013 (start date is pending SEC approval).

Here is a brief summary of how LULD will work [1]

  • For each security, a Reference Price and Percentage Parameter will be used to establish lower and upper bands through which trading will not take place.
  • The security price used to determine the applicable...
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Posted by: NYSE ETP Staff
ETP Landscape
Mar 10 2013 | 11:47 PM

January 29th marked the 20th year milestone of the ETP industry that began with the inaugural launch of the SPDR S&P 500 ETF Trust (NYSE Arca: SPY). In honor of the occasion, NYSE Euronext executives and distinguished guests rang the Opening Bell marking both the anniversary and celebrating the significant growth and innovation of the Exchange Traded Product (ETP) industry over the past 20 years. In the afternoon, State Street Global Advisors (SSgA) executives rang the NYSE Closing Bell to commemorate the inaugural launch of the SPDR S&P 500 ETF Trust.

“NYSE Arca is proud to celebrate the...

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Posted by: NYSE ETP Staff
ETP Landscape
Mar 10 2013 | 11:42 PM

Since its inception, the Exchange Traded Products industry has rapidly evolved to broaden its product offerings to investors. On January 29 1993, the first ETF, the SPDR S&P 500 ETF Trust, listed on the American Stock Exchange, providing investors with intra-day access to a diversified portfolio of large cap domestic equities. The listing of SPY not only changed the way market participants could invest, but it also laid the groundwork for the ETP industry to expand to include a variety of products that offer exposure to different investment strategies and asset classes.

A second major milestone for the industry was the listing of the first international equity ETF. In March 1996, iShares launched the MSCI Mexico Investible Market Index fund, which provided investors a new means to access Mexican equities. Before this listing, the ETP industry was limited to domestic equity index funds. With the inclusion of international products, ETPs took a major leap forward by...

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Posted by: NYSE ETP Staff
ETP Landscape
Mar 10 2013 | 11:37 PM

The Exchange Traded Products industry has experienced remarkable growth over the last 20 years. Since the listing of the first product, SPY, on January 29, 1993, the industry has expanded to now include approximately 1,450 products from over 50 issuers with total combined assets exceeding $1.35 trillion.

To put these figures in perspective, the value of assets in US ETPs is greater than the market capitalization of the top four largest publicly listed companies in the U.S. (Apple, Exxon, Berkshire Hathaway, and Google) combined. In addition to the breadth of products and GDP-like total assets, ETPs have redefined the trading landscape, representing over a quarter of all equity value traded in 2012, and nearly 16% of equity shares traded.

Two types of ETPs in particular have taken off recently.  As “the search for yield” became a major investment theme in 2011, ETP issuers responded by expanding the variety of fixed income products.  In the last two years...

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Posted by: NYSE ETP Staff
ETP Landscape
Mar 10 2013 | 11:33 PM

In 2012, NYSE Arca continued to hold the leading position in U.S. Exchange Traded Products (ETPs) listings and exchange trading and also maintained the highest level of market share amongst all ETP U.S. exchanges at over 20%. In addition, NYSE Arca market makers provided the best bid or offer of any exchange, nearly 90% of the time.

NYSE Arca listed nearly 150 new ETP products in 2012 which included 116 ETFs, 23 ETNs and 8 ETVs from issuers expanding on investment themes in equities, commodities, and emerging markets. Actively managed transparent ETFs continued to see strong momentum representing over 16% of new ETP listings in 2012 up from 5% in 2011 while index-based ETFs were down approximately 50% from the nearly 300 new products in 2011. New issuers listing their first products on NYSE Arca in 2012 included: Exchange Traded Concepts; ArrowShares; BNP Paribas; Huntington Securities; and Pyxis.

At the end of 2012, there were 1,337 NYSE Arca-listed ETPs comprised of...

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Posted by: NYSE ETP Staff