Home / News / London Stock Exchange ETF Team Halved Ahead of Crypto Launch
London Stock Exchange Group Plc's ETF team has undergone a significant shift, with two of its four members departing as the exchange prepares to launch its first cryptocurrency-related products.
By Coingape Staff
21 seconds ago
Highlights
- The departure of key LSE ETF team members adds complexity to the exchange's debut of crypto-related products.
- Notable issuers such as WisdomTree, 21Shares, and Invesco are set to launch exchange-traded notes (ETNs) tied to Bitcoin and Ether.
- The LSE faces challenges in navigating regulatory changes and competition, as the US market has already experienced significant growth in crypto-based financial products.
London Stock Exchange Group Plc has recently seen a significant change in its exchange-traded funds (ETF) team. The four-person team responsible for overseeing ETFs has been halved, leaving only two members as the exchange prepares to list its first cryptocurrency-related products. This reduction comes at a crucial time when the LSE is gearing up to introduce new offerings tied to digital currencies, highlighting the potential challenges in managing these new financial products with a diminished team.
Key Departures and Upcoming Crypto ETP Launches
Two prominent members of the LSE's ETF team, Michael Stanley, head of exchange-traded products, and Hetal Patel, head of business development, have left the organization. A spokesperson for the LSE confirmed their departures but did not specify the timing. As the exchange anticipates the launch of exchange-traded notes (ETNs) linked to Bitcoin and Ether on May 28, the departure of these key figures is notable.
WisdomTree, 21Shares, and Invesco are among the approved issuers for these new crypto ETNs. Although crypto ETPs have been available in Europe for some time, UK regulatory constraints had previously prevented their listing in London until recent updates from the Financial Conduct Authority (FCA) in March. The LSE spokesperson expressed optimism about the growth prospects for these new crypto ETNs.
Meanwhile, the LSE is actively seeking a new senior product manager for ETFs, with Patel indicating on LinkedIn her plans to start a new job in late July.