24 June 2014 / NASDAQ – Kathleen Moriarty knows a thing or two about ETFs, and then some.
A securities attorney with Katten Muchin Rosenman in Manhattan, she helped launch SPDR S&P 500 ( SPY ) in 1993 and, thereby, what is now a $1.7 trillion industry in the U.S. alone.
In fact, the size and global reach of the ETF sector surprises Moriarty herself. “We were just hoping that SPDRs would be a billion dollars,” she said. “We never anticipated that ETFs would be anything outside the U.S.”
She is hard at work on another first. It’s the proposed ETF for virtual currency , Winklevoss Bitcoin Trust. But she’s not ready to divulge details — orders from the SEC, of course. “Basically, all I can say is we’re still moving along.”
Moriarty anticipates a huge boom in the industry if the SEC were to permit active, nontransparent ETFs. Freed from having to reveal their portfolios every day, many new players — active managers who are reluctant to reveal their trading strategies — would enter the ETF space, she believes….. Read more
http://www.nasdaq.com/article/spdr-woman-works-to-add-bitcoin-etf-to-her-triumphs-cm364250
