The use of fixed income exchange-traded funds for long term investment as well as for shorter term liquidity management and portfolio transitions. Tom Stephens, head of international ETF Capital Markets at JP Morgan Asset Management, says that changes in the regulation has increased transparency, changes in market participants has increased liquidity and changes in market structure has increased price formation, all of which has improved institutional access. The next step for the market will be the development of active ETFs and evolving smart beta ETFs that give better exposure to the right returns and risks.
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