ETFs: generation swap

  Their supporters are touting multi-swap products as the next generation for ETFs. Others question whether the products live up to their hype, suggesting the title is just a new way of describing what providers already do.  Over a year has passed since the first such model was created and yet this divided opinion still exists.  In 2009, ETF Securities (ETFS) set up what the firm claims is Europe’s first multi-counterparty ‘platform’ model, ETF Exchange. The business offers investors synthetic products backed by swaps from a consortium including Bank of America Merrill Lynch, Barcl...