As the London Stock Exchange (LSE) gets ready to launch its first crypto exchange-traded products, around half of its exchange-traded fund team has reportedly left.
Just as the London Stock Exchange (LSE) prepares to list its first crypto-related products, two members of its four-person team overseeing exchange-traded funds (ETFs) have departed, according to Bloomberg, citing an LSE spokesperson.
The report states that Michael Stanley, the head of exchange-traded products, and Hetal Patel, head of business development, have left the organization. The exact timing of their exits is not clear.
These departures come as the LSE is set to launch its first-ever crypto-linked products. A senior executive from a potential crypto exchange-traded note (ETN) issuer, who spoke anonymously to Bloomberg, expressed concerns about the impact of these departures on receiving essential feedback from the LSE regarding technical aspects of applications.
The LSE is set to debut a series of exchange-traded notes (ETNs) linked to physically-backed Bitcoin (BTC) and Ethereum (ETH) on May 28, with approvals already obtained by issuers such as WisdomTree, 21Shares, and Invesco.
While Europe has had access to crypto ETNs for a while, previous UK regulations that banned retail access to crypto derivatives had prevented their listing in London. However, this changed in March when the Financial Conduct Authority (FCA) updated its guidelines, allowing for the listing of crypto ETPs on the LSE.
Although spot Bitcoin and Ethereum ETFs have gained regulatory approval in the United States and Hong Kong, it remains to be seen how much demand there will be for these products in the United Kingdom.
Summary Review: London Stock Exchange is facing a pivotal moment as it prepares to launch its first crypto exchange-traded products amidst the departure of key ETF leaders. Despite this setback, the LSE is moving forward with its plans, supported by recent regulatory changes that enable the listing of crypto ETPs. The upcoming debut of Bitcoin and Ethereum ETNs marks a significant step for the exchange, although the full impact on the UK market remains to be seen. This development underscores the dynamic and evolving nature of the financial markets as they adapt to the growing influence of cryptocurrencies.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
