The London Stock Exchange Group plc (LSE) confirmed losing half of its four-person ETF (exchange-traded funds) team on 24 May 2024, just as it prepares to launch its debut cryptocurrency-related products linked to Bitcoin and Ethereum on the LSE on May 28.
Approved issuers of the exchange-traded notes (ETNs) expected to go live on the LSE are WisdomTree, 21Shares and Invesco among others.
LSE Scramble To Replace Two Senior Staff Ahead Of ETN Launch
LSE’s head of exchange-traded products (ETPs), Michael Stanley, and business development head, Hetal Patel, have left their senior positions, a spokesperson for LSE confirmed to Bloomberg. However, they did not state when the two left the company.
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Crypto ETPs have been available across Europe for several years. A regulatory ban in the UK on retail access to crypto derivatives had prevented them from being listed in London. This changed in March 2024 when the Financial Conduct Authority (FCA) updated its guidance.
An LSE spokesperson commented, “Our teams of specialists have worked closely with issuers ahead of launch to complete the necessary suitability requirements for each prospective new listed product,”. The FCA and the LSE oversee the review process for crypto applications.
UK Hopes To Follow Suit After America’s Early Success With Crypto ETFs
The US approved its first group of Bitcoin ETPs back in January. Since going live, they have gone on to oversee $60 billion in assets. Now the UK is entering the lucrative world of crypto ETFs, hoping to capture a significant share of the market.
23 May 2024 marked a historical date as the Securities and Exchange Commission (SEC) announced approval for the first ever US Ethereum ETFs. All eyes are on the UK regulators now.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
