Trading in the dark

  There is a curious irony to buying and selling ETFs in Europe. The name suggests the products would be traded on exchanges, but in fact this is not always the case. Up to an estimated 75% of European ETF trades happen over the counter (OTC), without going near an exchange. A legislative anomaly meaning that none of these trades are required to be reported has created a damaging and false impression of the European market as smaller than it is.  Official snapshots of European ETF activity are misleadingly small. Although official daily trading volumes in the European ETF market are o...