Amex Rises From Ashes
This article appears courtesy of Institutional Investor
Exchange Rebounds From Barclays ETF Loss
Three months ago, Barclays Global Investors dealt a body blow to the American Stock Exchange, announcing plans to move the primary listings of 81 iShares exchange-traded funds from the Amex to the New York Stock Exchange and its merger partner, the Archipelago Exchange. At the time, the ETFs represented almost half of the Amex's ETF listings.
At the time, the Amex said it expected to replace the lost listings within two and a half years time, and seems to be well on its way to doing so before the last of the 81 iShares departs in 2007.
This year alone, 33 new funds have joined the Amex. "We're closing in on about 50 new ETFs by the end of the year," according to Cliff Weber, the exchange's senior v.p. for the ETF Marketplace. "We've listed 90% of the new ETFs brought to market this year." Amex spokeswoman Mary Chung notes. "If we keep up that pace, we've got it in a year."