The London Stock Exchange has listed 18 currency exchange traded funds, or currency ETCs as it is calling them. Several years ago, when the exchange was supposedly looking into new products, I asked it if it had talked to EBS, which was its tenant at the time and up for sale. Better late than never though. The exchange says it is the first in Europe to list such products.
"As the number one ETC exchange in Europe, and given London's reputation as the global centre for foreign exchange trading, we are proud to be the venue of choice for issuers looking to bring this new type of product into Europe," says Pietro Poletto, the LSE's head of ETFs and ETCs.
The ETCs have been admitted to the exchange by ETF Securities, which is one of the world's largest providers of commodity-based ETFs. After a slow start in Europe, activity in ETFs is gaining momentum. The LSE says October was a record month for ETF trading: £9.9 billion-worth of shares changed hands, a 76% increase on the same month in 2008.