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Article

Understanding ETF Trading and Liquidity in Europe

Paolo Giulianini
ETFs and Indexing Summer 2012, 2012 (1) 81-86
Paolo Giulianini
is a managing director and head of ETF trading and market making at UniCredit Bank AG in London, UK. paolo.giulianini@unicredit.eu
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Abstract

This article describes the market microstructure of the European ETF industry with specific focus on the overall liquidity in this market. While comparing the European and U.S. exchange-traded fund (ETF) markets and analyzing the behavior of its market participants, the article also tries to forecast developments likely to benefit the European marketplace over the years to come. Investor behavior toward ETFs is discussed first, including why investors may prefer over-the-counter trading to on-screen trading. The article describes the different settlement procedures across European markets and discusses how the behavior of different market participants can affect ETFs liquidity—with specific focus on products listed across different venues and in different currencies. Finally, the article highlights the issues faced by market makers with respect to settlement issues, showing how a fragmented market can result in higher fees, penalties, and buy-ins, thus negatively affecting the overall liquidity and spreads of ETFs.

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ETFs and Indexing: 2012 (1)
ETFs & Indexing in European Markets
Vol. 2012, Issue 1
Summer 2012
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Understanding ETF Trading and Liquidity in Europe
Paolo Giulianini
ETFs and Indexing Jun 2012, 2012 (1) 81-86;

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Understanding ETF Trading and Liquidity in Europe
Paolo Giulianini
ETFs and Indexing Jun 2012, 2012 (1) 81-86;
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  • Article
    • Abstract
    • EUROPEAN ETF TRADING FIGURES AT A GLANCE
    • VOLUME AND OTC TURNOVER
    • FRAGMENTATION OF TRADING VENUES
    • CROSS-LISTINGS AND THE ROLE OF MARKET MAKERS
    • CLEARING AND SETTLEMENT ISSUES
    • DIFFERENT OBLIGATION FOR OFFICIAL MARKET MAKERS
    • ETF SPREAD AND IMPACT ON LIQUIDITY
    • TARGET2 SECURITIES AND NEXT STEPS IN THE EUROPEAN ETF TRADING
    • ENDNOTES
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More in this TOC Section

  • Market Liquidity: Don’t Know What You’ve Got ‘Til
    It’s Gone
  • Application of Order Awareness Technology in
    Algorithms for the Buy Side
  • Liquidity, Duration, and the “Financial” Transmission Mechanism
Show more Article

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