ProShares is to remove four of its ETFs from the Bats Exchange Competitive Liquidity Providers (CLP) programme after market close on 30 September.
The funds will be moving to the Bats Lead Market Maker (LMM) programme on 3 October.
The four ETFs switching programmes are: Global Listed Private Equity ETF (PEX); Merger ETF (MRGR); CDS Short North American HY Credit ETF (WYDE); and Short Term USD Emerging Markets Bond ETF (EMSH).
The Bats CLP programme is designed to encourage quoting activity for Bats-listed securities. The payment of a CLP fee is intended to generate more quotes and trading than might otherwise exist. Under the LMM programme, the funds will have an exclusive lead market maker.
ProShares is removing the funds from the CLP programme because it expects they will be able to maintain trading liquidity in the LMM programme.
Leaving the CLP programme may have positive or negative effects on the price and liquidity of the funds, which could affect investors’ purchases and sales.
