Just before the major ETP launch, the London Stock Exchange Group Plc (LSE) is facing big changes within its team. Reports suggest that Michael Stanley, the head of exchange-traded products, and Hetal Patel, the head of business development, have both taken an exit from the organization.
LSE set to list crypto ETP
These departures come at a very critical time as the LSE is set to list crypto exchange-traded notes (ETNs). These investment products are linked to Bitcoin and Ether will be set to launch on May 28. However, these products have been approved by issuers like WisdomTree, 21Shares, and Invesco.
According to reports, the LSE spokesperson had confirmed the exit but they did not specify the exact timing. Despite these personnel changes, the LSE is still optimistic about the growth opportunities presented by its new crypto ETNs market.
It highlighted that the exchange is actively seeking a new senior product manager for ETF. This has been indicated by its recent LinkedIn posting. Patel mentioned on social media that she would be starting a new job in late July.
What’s next?
Data provided by Bloomberg shows that the LSE currently lists around 1,200 ETFs.
Despite this, the LSE maintains that its specialists have worked closely with issuers to meet the requirements for each new product. The Financial Conduct Authority (FCA) and the LSE manage the review process for crypto applications. However, the FCA approves catalogue for listing on the exchange.
The UK is entering an increasingly competitive market for crypto ETPs. In January, the US approved its first Bitcoin products, which have since grown to oversee around $60 billion in assets, far surpassing the European market.
On Thursday, the US Securities and Exchange Commission (SEC) paved the way for the first US ETFs based on Ether. The SEC’s approval represents a regulatory shift and sets the stage for the potential launch of Ether ETFs in the US.
These products are expected to generate substantial interest, similar to the historic debut of US spot-Bitcoin ETFs earlier this year, which amassed $57 billion in assets.
The global crypto market took a hit on Friday as its total capitalisation dropped by almost 2% over the last 24 hours. It now stands at $2.5 trillion. Its 24 hour trading volume is up by 15% to stand at $129 billion.
