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Complexity of innovative financial products: The case of synthetic exchange traded funds in Europe

100%
Marszk A.
Nauki o Finansach
|
2016
|
issue 2(27)
49-64
EN
The aim of the text is the presentation of the most important categories of exchange traded funds (ETFs) – physical and synthetic ones. A theoretical part of the text includes an overview of the main features of ETFs, the presentation of the differences between physical and synthetic funds and the main risks posed by both types to their users and the whole financial systems. An empirical part focuses on the European market. The time span of the analysis covers the years 2001-2015 (or shorter periods in cases of lack of sufficient data). Using key statistics regarding the European ETFs market, its size, structure (both historically and currently) as well as predictions of the main future changes are discussed. The main results of the research indicate that the size of the European ETFs market, both in terms of the assets under management and number of listed funds, has been growing in recent years, yet at a rate lower than before the global financial crisis. An important observed change on the European ETFs market is the declining share of synthetic ETFs after their peak popularity in 2010. The most recent data from the first months of 2015 confirm this trend. Considering the data on cash flows into these two categories, physical ETFs will most probably continue to increase their market share compared to synthetic ones
2
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Exchange-traded products in Germany: development and substitution of exchange-traded funds, exchange-traded commodities and exchange-traded notes

100%
Marszk A.
Equilibrium. Quarterly Journal of Economics and Economic Policy
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2018
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vol. 13
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issue 4
643-665
EN
Research background: Exchange-traded products (ETPs) are one of the most rapidly growing categories of financial products. Their fast development has been boosted by innovative features. Three main categories of ETPs are exchange-traded funds (ETFs), exchange-traded commodities (ETCs) and exchange-traded notes (ETNs). ETCs and ETNs remain least known, even though their number on some stock exchanges is high. In Europe, Germany is one of the largest and most active ETPs markets. ETCs and ETNs are debt instruments, in contrast with the most popular ETFs, which are equity securities. Therefore, they offer investors different advantages, but also expose them to other types of risks. Purpose of the article: The key aim of the article is to present the features of ETPs and to provide in-depth insight into the issues linked with the development of ETPs market in Germany, with the special emphasis on the ETCs and ETNs. Methods: In the main empirical part of the article, German ETPs market is analyzed using descriptive statistics and technological substitution framework (employed for the analysis of innovations in order to evaluate the changing market shares of, first, ETFs versus ETCs and ETNs, as well as, second, ETFs versus other types of investment funds). The period of the analysis is 2010?2016 in the former case and 2007?2016 in the latter. Findings & Value added: Share of ETPs other than ETFs in the total market in Germany remains low. Even though the market position of the leading products, i.e. ETFs, is still very strong, some substitution has been observed, especially after 2015. Predictions indicate that this trend will continue in the upcoming years. The results of the analysis of the investment funds? market confirm the substitution between ETFs and traditional investment funds over 2007?2017, in particular in the first years of this time period.
3
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Impact of Innovative Financial Products on Financial Systems: Exchange Traded Products and the Polish Financial System

100%
Marszk A.
Ekonomia Międzynarodowa
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2016
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issue 14
114-132
PL
Exchange Traded Products (ETPs) są jednymi z najnowszych i najszybciej rozwijających się produktów finansowych. Wraz ze wzrostem wartości aktywów rośnie także ich wpływ na systemy finansowe wielu krajów, m.in. USA, Wielkiej Brytanii oraz Japonii. Rozwój ETPs niesie ze sobą wiele szans i zagrożeń dla lokalnych systemów finansowych. Prawidłowa ocena tego oddziaływania staje się coraz trudniejsza z powodu coraz większego stopnia skomplikowania dostępnych produktów. Przekłada się to na problemy nie tylko uczestników rynków finansowych (w tym nabywców i sprzedawców ETPs oraz pośredniczących w transakcjach), ale również instytucji nadzorczych. W artykule zostały omówione główne trendy na rynkach ETPs. Prezentowane zmiany przedstawiono w kontekście ich wpływu na systemy finansowe w skali lokalnej i globalnej. Jednym z głównych omówionych zagadnień są konsekwencje zmian w ofercie najpopularniejszych ETPs, tj. Exchange Traded Funds (ETFs). Proste i bezpieczne fizyczne ETFs są obecnie wypierane przez znacznie bardziej skomplikowane produkty syntetyczne, co znacząco zwiększa poziom zagrożenia dla posiadaczy tego typu produktów, innych podmiotów zaangażowanych w ich tworzenie i dystrybucję, a w konsekwencji dla całego systemu finansowego. Ostatnia część została poświęcona omówieniu problemu w odniesieniu do polskiego systemu finansowego. Choć rola ETPs (nawet ETFs) jest w Polsce niewielka, to mogą one oddziaływać na polski system finansowy przez szereg powiązań pomiędzy polskimi a zagranicznymi instytucjami finansowymi i rynkami. Oznacza to zagrożenie przeniesienia do Polski potencjalnych przyszłych szoków wywołanych tymi produktami.
EN
Exchange Traded Products (ETPs) are one of the most recent and most rapidly developing financial products. As their assets grow they have an increasing impact on financial systems in many countries, including the USA, UK or Japan. Development of ETPs is linked with many opportunities and threats for the local financial systems. Their correct assessment is becoming more difficult due to the growing complexity of the available products, thus posing problems not only for the participants of the financial markets (including buyers and sellers of ETPs as well as intermediaries) but also for the supervising authorities. The main ETP development trends (e.g. size of the global assets under management) are outlined in this article. Structural changes are discussed in the context of their impact on both local and global financial systems. One of the key topics is the consequences of the changing landscape of the most popular type of ETP – Exchange Traded Funds (ETFs). Simple and safe physical ETFs are being replaced by complicated synthetic ETFs, significantly increasing possible risks for the holders of such products, for other entities involved in their creation and distribution, and, consequently, for the whole financial system. The last part of the article is devoted to the Polish perspective on this topic. It may be argued that in Poland the role of ETPs (even ETFs) is still marginal. ETPs can influence the Polish financial system, however, through a number of links between Polish and foreign financial institutions and markets. As a result, fast transmission of the future shocks caused by such products is increasingly more probable.
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misja kwitów depozytowych jako źródło finansowania przedsiębiorstw z krajów BRIC

100%
Marszk A.
Zarządzanie i Finanse
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2012
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vol. 1
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issue 1
241-251
EN
BRIC countries (Brazil, Russia, India, China) have become in the recent years the global economic growth leaders. As the access to adequate financial means is often limited in their native financial systems, companies from BRIC countries use many different financing sources, among them depositary receipts traded on foreign equity markets, mainly in the United States and United Kingdom. Issuers from BRIC countries and other emerging markets dominate today on the global depositary receipts markets, accounting for the majority of trading value, trading volume and capital-raising transactions.
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