The Security Traders Association of New York (STANY) has established a committee to address all aspects of exchange traded funds (ETFs), to be chaired by XShares‘ CEO Anthony Dudzinski.
Dudzinski, who worked as a market making trader for about 20 years, told us that he first broached the idea of a committee to STANY a year ago. "I said ‘This is a growing business…there will be more products like this trading and you should pay attention.’ " He’s been a standing member of the organization for 18 years.
While STANY’s committee was in the works, Dudzinski got the call from the Investment Company Institute (ICI): would he be on their new ETF committee, too? Sure, he said.
While both committees are going to represent the interests of ETFs, they’ll focus on different aspects. While the ICI is a group of managers concerned with issues surrounding the 40 Act and the packaged product business, STANY’s group will focus on market structure issues that may not be familiar to the ICI and its core constituents.
The overall hope is that the ETF industry will be better served with more voices, more research and more informed opinions behind it.
"As with every industry, there are different constituents focused on different things and don’t always have the same opinions," Dudzinski says. "The purpose of a group is to sort, commingle, put in a blender and come out with some kind of commonality."
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