ETF Investigations: Pre-hedging or frontrunning: Are ETF investors losing out?

Presented by

Tom Eckett, Editor, ETF Stream

About this talk

ETF investors are suffering significant trading costs when executing on request-for-quote (RFQ) due to pre-hedging, a process where market makers front run orders to capture the performance on known trades. The European Securities and Markets Authority (ESMA) issued a ‘call for evidence’ last July on the practice of pre-hedging, highlighting concerns the regulator has over the practice. This webinar explored the impact pre-hedging is having on end investors and the wider ETF ecosystem when trading on RFQ platforms and whether regulatory intervention is needed to address this issue. Key questions: • Is pre-hedging on RFQ platforms a form of frontrunning? • Is there anything that can be done to protect ETF investors? • Are there any unintended consequences if regulators step in? ETF Investigations is a new webinar series from ETF Stream which examines the key issues facing ETF investors in Europe. Speakers: Jamie Hartley, European Head of Capital Markets, DWS John Keogh, Managing Director, Susquehanna International Securities Alex Livingstone, Head of Trading - FX & ETFs, Titan Asset Management
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