The New York Stock Exchange (NYSE), part of Intercontinental Exchange (ICE), has been granted approval by the Securities and Exchange Commission (SEC) to streamline the listing process for certain actively managed exchange-traded funds (ETFs).
Since 2000, NYSE has worked collaboratively with the industry and the SEC to simplify the listing process for issuers. Effective immediately, many actively managed funds will be able to list new ETF products without a separate filing with the SEC under SEC Rule 19b-4,1 a process that can create uncertainty for the issuer.
This change will align the launch process for index-based and actively managed ETFs.
Doug Yones, NYSE head of exchange traded products, says the NYSE is focused on initiatives designed to promote innovation in the growing ETF industry. “We are pleased that our efforts to rationalise the listings process for actively managed funds will provide issuers with greater certainty on timing and efficiency when launching new products,” he says.
“The NYSE is committed to reducing complexity in US markets to benefit issuers, market participants and investors. We are also proud to support our issuer community with the largest, most liquid, and highest quality ETP market, coupled with an unparalleled service model to navigate each stage of their product life cycle, from product development, launch and then active trading.”
NYSE Arca currently lists 1,571 ETPs from over 70 issuers, which includes 103 actively managed funds, and is the leading exchange in assets under management (AUM), number of listed ETPs, and ETP traded volume.
