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SEC-NYU Dialogue on Securities Market Regulation

Topic: Exchange-Traded Products

September 8, 2017

Hosted jointly by the SEC and NYU’s Salomon Center for the Study of Financial Institutions

The Division of Economic and Risk Analysis (DERA) of the U.S. Securities and Exchange Commission and New York University’s Salomon Center are organizing a half-day dialogue on exchange-traded investment products (ETPs).  Over the past two decades, the number of U.S.-listed ETPs has increased to nearly 2,000, with assets under management in excess of $2.7 trillion. They currently represent more than 30% of trading volume on securities exchanges.  This Dialogue will explore:  i) how ETPs affect the efficiency and quality of financial markets; ii) the potential implications for investors who hold ETPs; and iii) where the ETP market is headed. 

The Dialogue is intended to bring together practitioners, regulators, and academics to learn, engage, and discuss the state of the current ETP market and exchange ideas on issues related to investor protection and market efficiency.

Webcast will be available on www.sec.gov

The Dialogue will be held on September 8, 2017 at the SEC headquarters in Washington, DC, and will be open to the public. Webcasting will also be available. The preliminary program will include:

8:30am    Coffee service

9:10am    Introduction, Jeffrey Harris, Chief Economist, U.S. SEC; Director, DERA

9:15am    Opening remarks, Commissioner Michael Piwowar

9:30am    Session 1: The Effect of ETPs on Financial Markets

Moderator: Scott Bauguess, Deputy Chief Economist, U.S. SEC; Deputy Director, DERA

A review of ETPs from an academic perspective and a discussion of the effects of ETPs on securities markets and potential issues facing market participants as the ETP market continues to grow and evolve.

10:30am    Break

10:45am    Session 2: Implications for Investors

Moderator: Rick Fleming, Office of Investor Advocate, U.S. SEC

  • Deborah Fuhr, Managing Partner and Co-founder, ETFGI
  • Jeffrey Meli, Co-Head of Research, Barclays PLC
  • Jim Ross, Chairman Global SPDR, State Street

A discussion of the implications for retail and institutional investors of investing in a maturing ETP market, aimed at identifying the structural differences between investment products that are exchange-traded versus those that are not.

11:45am    Break

12:00pm   Session 3: The Future of ETPs

Moderator: Jason Zweig (WSJ)

A discussion of where the ETP market is headed including views on potential new products and attendant cost-benefit tradeoffs.

1:00pm    Concluding remarks, Commissioner Kara Stein