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Transfer of ETFs to NYSE Arca platform proceeding on schedule

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NYSE Euronext has announced that the first group of 14 WisdomTree exchange-traded funds have completed their transfer from the New York Stock Exchange to the group’s NYSE Arca electronic t

NYSE Euronext has announced that the first group of 14 WisdomTree exchange-traded funds have completed their transfer from the New York Stock Exchange to the group’s NYSE Arca electronic trading platform, and expects the phased transfer of all NYSE-listed ETFs to NYSE Arca to be completed on schedule by the year-end.

The NYSE Group markets have 220 primary ETF listings, 41 per cent of the global total. NYSE Arca now boasts 67 per cent of total ETF assets under management in the US and more than 42 per cent of ETF trading volume for all US ETFs over the first nine months of 2007.

‘Our industry-leading market quality and continued endorsements from the ETF issuers have been fantastic support for our exchange model,’ says Lisa Dallmer, a senior vice-president for ETFs and indices at NYSE Euronext.

‘Across all ETFs, NYSE Arca is driving the NBBO 85 per cent of the time, providing the tightest quoted spread of 0.04 per cent and the largest depth of quote across all exchanges, year-to-date to end September.’

WisdomTree Investments chief executive Jonathan Steinberg says: ‘We are pleased to continue our strong relationship with NYSE Euronext by listing a total of 31 of our products on NYSE Arca.

‘With many of our funds trading on NYSE Arca as their primary market, we are confident that this platform’s market structure will continue to provide superior market quality and exceptional service for investors in WisdomTree ETFs.’

Initiated by specialist firms and undertaken in conjunction with issuers, NYSE Group concluded that the most efficient and industry-preferred market structure for listing and trading ETFs is the NYSE Arca platform, which uses dedicated liquidity providers in the form of lead market-makers.

This model, which requires lead market-makers to maintain certain performance obligations for all NYSE Arca-listed securities, provides investors and issuers with consistent liquidity and more orderly trading than a market model without such a structure, the group says. NYSE Arca has offered this market model to all its primary-listed stocks and ETFs since 2006.

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