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Stefano Alderighi
''Cross-listing in the European ETP market''
( 2020, Vol. 40 No.1 )
The European ETP market is the second largest in the world and presents a unique structure, characterised by high levels of cross-listings across multiple jurisdictions. This paper estimates the extent of cross-listing in the European ETP market, finding that roughly 88% of the instruments listed in Europe are cross-listed on more than one exchange, accounting for 98% of the total market capitalisation. This result calls for further investigation of the European ETP market structure, in particular on the topics of price formation and fragmentation/best execution.
Keywords: ETPs, Cross-listing, Price discovery, Best execution
Manuscript Received : Oct 15 2019 Manuscript Accepted : Jan 06 2020

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