Umwuga wo gufunga Bopp Jumbo Urupapuro rwo gupakira

Amafaranga yagurishijwe mu bucuruzi bw’imigabane iciriritse, atagaragaza imigabane buri munsi, yemejwe na komisiyo ishinzwe kugurizanya no kugurizanya muri Amerika kandi biteganijwe ko amaherezo izaza mu Burayi no muri Aziya. Ku munsi w'ejo, Frank Koudelka, inzobere mu bicuruzwa bya ETF ku isi ku Muhanda wa Leta, yabitangarije abanyamakuru i Londres ko SEC yemeye ActiveShare ETFs muri Gicurasi hamwe n’ibitebo bya porokisi mu cyumweru gishize. Izi moderi zombi zizwi nka ETFs ziciriritse, kubera ko zigaragaza gufata hamwe numurongo umwe nkamafaranga. Baracyakeneye kwemererwa kurutonde, bityo yavuze ko ETF ishobora kujya ahagaragara mugihembwe cya mbere cyumwaka utaha. Koudelka yongeyeho ati: "Turateganya ko bazatera imbere ku buryo bugaragara kuko ETF ikora mu mucyo yakusanyije miliyari 90 z'amadorari (€ 81 miliyari) mu mutungo ucungwa, cyane cyane mu nyungu zagenwe." Ati: "Ibicuruzwa bizazenguruka isi kandi amaherezo bizagera mu Burayi no muri Aziya." Muri Gicurasi, Brown Brothers Harriman yavuze kuri blog ko imiterere ya Precidian Investments 'ActiveShares ETF aribwo buryo bwa mbere bwa SEC bwemeje ibicuruzwa byiza bya ETF aho abayobozi bapakiraga ingamba zifatika muburyo butagaragara. Blog yo kungurana ibitekerezo yagize ati: “Abayobozi bashishikajwe no gutinyuka gushora imari muri ETF noneho bashobora kugeza ingamba zabo ku bantu benshi bashoramari batagaragaje 'isosi y'ibanga.' Kugeza ubu, abayobozi bakoraga binjiye ku isoko rya ETF babinyujije mu kigega cyerekana ubwenge cyangwa beta cyangwa gucunga neza ETFs. ” Precidian mu ijambo rye muri Gicurasi yavuze ko imiterere ya ActiveShare yahawe uruhushya n'abashinzwe umutungo barimo Legg Mason, BlackRock, Capital Group, JP Morgan, Igihugu cyose, Gabelli, Columbia, Century y'Abanyamerika na Nuveen. Abashoramari bifuza kubona ETF ikora cyane ku isoko nk'uko ubushakashatsi bwakozwe na BBH 2019 Global ETF ku bashoramari muri Gashyantare. "Ibi birerekana ko impaka hagati yimikorere na pasiporo atari ngombwa guhitamo byombi - abashoramari ba ETF barashobora kubona ubuyobozi bukora neza; barashaka gusa mu gipfunyika gito ”, nk'uko BBH yongeyeho. Ati: “Nubwo muri iki gihe imiterere ya Precidian yemerewe gusa muri Amerika, kubera ko isoko rya ETF ku isi rikomeje gukura, turateganya ko iyi miterere ishobora kuba igishushanyo mbonera cya ETF zidafite umucyo mu Burayi no muri Aziya.” Muri uku kwezi, BBH yavuze kandi ko ku rubuga rwa interineti SEC yemeye uruhushya rushya rw’ibikorwa bishya bya ETF biturutse mu Isoko ry’imigabane rya Natixis / New York (NYSE), T Rowe Price, Fidelity na Blue Tractor Group ikoresha 'ibitebo bya porokisi.' BBH yongeyeho ati: "Izi nyubako nshya za ETF zitangiza igitekerezo cy’agaseke gahagarariwe, gafasha abayobozi gufata amashusho cyangwa gukingira impapuro zishingiye ku isoko zifite muri ETF". “Inzego nshya za ETF zishobora gutangaza ibihe bishya bya ETF ikora.” Ku munsi w'ejo, Ciaran Fitzpatrick, ukuriye ETF ikorera Uburayi, ku muhanda wa Leta yavuze ko bizatwara igihe kugira ngo izo nyubako nshya zijye mu Burayi nubwo SEC yabyemeje. Fitzpatrick yongeyeho ati: "Banki Nkuru ya Irilande hamwe n’ikigo cy’Ubwongereza gishinzwe imyitwarire y’imari bakorana na IOSCO mu mucyo wa ETF mu mucyo kuko amasoko menshi yo mu Burayi akenera gutangazwa buri munsi". Ati: “Hashobora kubaho impinduka mu mezi 18 kugeza 24 ari imbere ariko ibyo bigomba kubanza kwemezwa.” Gahunda y’imirimo y’umuryango mpuzamahanga wa komisiyo ishinzwe kugurizanya mu mwaka wa 2019 yiyemeje gukora kuri ETFs haba mu rwego rwo kurinda abashoramari ndetse n’uburinganire bw’isoko. Urwego rushinzwe kugenzura ibikorwa by’isi yose kandi rufatanya n’ikigo cy’imari gishinzwe umutekano ku bijyanye n’ingaruka zishobora guterwa n’imari ituruka muri ETF kandi bakoze amahugurwa ahuriweho n’abitabiriye inganda muri Kamena uyu mwaka. Fitzpatrick yiteze kandi ko ETFs ingamba z’ibidukikije, imibereho myiza n’imiyoborere izatera imbere mu Burayi ndetse n’abandi benshi batanga Amerika gutangiza ETF mu karere. Fitzpatrick yagize ati: "Abatanga ibyingenzi bose binjira mu mwanya wa ESG kandi hari n'abinjira bashya." Ati: "Turi mu ntangiriro z'umuhanda mu Burayi kandi ESG izaba umukinnyi ukomeye mu myaka iri imbere." Yakomeje avuga ko umuhanda wa Leta uhora ukorana n’abatanga Amerika bifuza gutangiza ku isi hose ETF, ndetse n’abatanga iburayi bashaka gukwirakwiza ETF muri Amerika yepfo, Aziya na Isiraheli. Fitzpatrick yongeyeho ati: "Bakeneye kugira ibicuruzwa byiza nka ESG, ibintu cyangwa insanganyamatsiko kandi ikibazo ni uko abakinnyi bakomeye basanzwe muri iyo myanya." Kurugero, Ubuyobozi bwumutungo wa Goldman Sachs bwatangaje ko bwatangije ubucuruzi bwiburayi bwa ETF muri Nzeri uyu mwaka nyuma yo gutanga ETF muri Amerika kuva muri Nzeri 2015. ETF ya mbere y’iburayi ya GSAM yari Goldman Sachs ActiveBeta yo muri Amerika nini ya Cap Equity UCITS ETF yashyizwe ku rutonde i Londres. Iki kigega ni verisiyo y’iburayi yerekana icyamamare muri ETF muri Amerika, ifite umutungo urenga miliyari 6.5 z'amadolari kandi GSAM yavuze ko ari cyo kinini kinini gifite imigabane ETF ku isi. Nick Phillips, ukuriye ubucuruzi mpuzamahanga bw’abakiriya bacuruza muri GSAM, mu ijambo rye yagize ati: “Amafaranga azagira akamaro haba ku bacuruzi ndetse n’ibigo. Iki ni ikintu cyiyongereye ku itangwa ry’ibicuruzwa mpuzamahanga kandi twishimiye cyane kwinjira ku isoko rya ETF ryihuta cyane mu Burayi. ” GSAM yavuze ko muri Nzeri iteganya gutangiza ETF zitandukanye mu mezi atandatu ari imbere. Mu cyumweru gishize uruganda rwabaye rutanga rushya ku kuvunja mu Busuwisi rutangiza beta ETF eshatu zifite ubwenge. Koudelka kandi yiteze ko iterambere ku isoko ry’iburayi ETF riva mu itangizwa ry’abajyanama benshi ba robo. Ati: "Muri Amerika hari miliyari 275 z'amadolari y'umutungo ucungwa muri robo kandi byinshi muri byo biri muri ETF, kandi bizaguka ku isi hose". Mu Burayi hashyizweho amabwiriza ya MiFID II mu ntangiriro z'umwaka ushize yategetse gutanga raporo ku bucuruzi bwa ETF ku nshuro ya mbere mu karere. Urujya n'uruza rwa ETF rwiyongereye kuva MiFID II yagiye Iive ariko Fitzpatrick yavuze ko hakenewe byinshi mu kurushaho gukorera mu mucyo. Fitzpatrick yagize ati: "Kaseti ihuriweho n'Uburayi yaba ihindura umukino mu kongera gukorera mu mucyo no gutanga ishusho isobanutse y'ibicuruzwa bya ETF n'ubwisanzure ku isoko." Koudelka yongeyeho ko Umuhanda wa Leta urimo gutanga amakuru menshi mu rwego rwo kuzamura ibisabwa. Ati: "Dufatanije n’isoko ry’isi yose turimo gutegura raporo y’amakuru ajyanye n’ububiko nkubwoko bw’abashoramari bagura ETF, n’aho biherereye, bizafasha kuyobora ibisekuruza". Fitzpatrick yakomeje avuga ko umwaka utaha Umuhanda wa Leta uzasohoza imashini isanzwe isomwa ku bitabiriye amahugurwa (APs), batanga agaseke k'impapuro zo gukora imigabane ya ETF cyangwa bakakira igitebo cy'impapuro zo gucungura imigabane ya ETF, kandi bagatanga isoko ku isoko. Fitzpatrick yongeyeho ati: "Dushora imari cyane muri gahunda y’imyaka itatu kandi bizagirira akamaro isoko ry’iburayi ndetse n’ibinyabuzima bigari bya ETF." Ati: "Tuzashyira ahagaragara kandi imiyoboro ya AP mu isoko ryacu bwite ryo kugurisha isoko ry’ibanze kugira ngo twemerere AP, n'abayitanga, kubona amakuru ajyanye na ETF nko kwemeza AP, amakuru y'agaciro k'umutungo, amadosiye y'ibigize portfolio, hamwe n'ibitebo by'ibiciro." Isoko ry'Itangazamakuru ryatangijwe mu 2007 kugira ngo ritange ibintu bihanitse, byimbitse bikubiye mu nzego zose z’inganda z’agaciro, byatanzwe hifashishijwe uburyo bwo gucapa, kumurongo ndetse nibyabaye.