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London Stock Exchange ETF team halved following senior departures

Michael Stanley and Hetal Patel have left the business

Theo Andrew

London Stock Exchange

London Stock Exchange (LSE) has seen its ETF team halved following the departure of the head of ETFs Michael Stanley and business development head Hetal Patel.

The exchange confirmed both Stanley and Patel left the group, with the LSE actively recruiting for a new senior product manager for ETFs.

Stanley, who had worked at the LSE for over a decade, was promoted to head of ETFs less than a year ago, having joined as a business support analyst in 2012.

He was responsible for managing both the trading and the listing business, with his departure taking place before the first cryptocurrency exchange-traded products (ETPs) list on the exchange for the first time on 28 May.

Patel also joined LSE in 2012 as a research analyst before taking on several roles in the capital markets team. She became head of business development for ETPs in April last year.

The timing of the departures has not been disclosed, however, Patel said she left the business in a LinkedIn post earlier this month and is set to start a new role in July.

The FCA gave the green light for crypto listings on UK exchanges in March, giving professional investors access to the products for the first time.

However, crypto ETNs in the UK will only be available to professional investors, with the ban on retail access still in place.

To list on the LSE, crypto ETNs must be physically backed, non-leveraged and offer exposure to bitcoin or ethereum only.

WisdomTree announced its plans to list its The WisdomTree Physical Bitcoin ETP (WBTC) and the WisdomTree Physical Ethereum ETP (WETH) on 28 May, with 21Shares also set to list its crypto ETPs.

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