BofA Merrill Lynch, Goldman and MS launch European ETP initiative
Source, an open architecture exchange traded product (ETP) platform created by Bank of America Merrill Lynch, Goldman Sachs and Morgan Stanley, has launched 13 ETFs and 22 ETCs (Source T-ETCs) for European investors. The platform has been created with the aim of enhancing the performance and trading environment for ETPs in Europe.
Source has listed all its products on Deutsche Börse, which it claims will help close the gap on daily exchange trading volumes with the US, which exceeds 17% of ETF assets under management, while Europe volumes occupy less than 2% assets under management. The ETP platform has also implemented credit risk controls. For example all the ETCs offered on the platform, Source T-ETCs, are secured exclusively by US Treasury Bills and cash. The ETCs are linked to the S&P GSCI family of indexes which
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