ETFS names counterparties backing ETF platform

The banks act as distribution partners, authorised participants and swap providers to the funds on the ETF Exchange platform (ETFX), and may be joined by further counterparties in the future. ETFS says the swap-based ETFs are backed by the three banks, mitigating single counterparty exposure and credit risk. The issuer adds collateral is also held in excess of the Ucits guidelines. ETF Exchange CEO Mark Weeks says: "We believe the evolution of ETFX will make redundant the current single bank issuance models." The third generation ETF Exchange platform offers 21 equity funds, includ...