State Street’s Fitzpatrick on importance of ETF harmonisation between EU and UK

T+1 settlement in focus

Tom Eckett

Ciaran Fitzpatrick, head of ETF solutions for Europe, has stressed the importance of regulatory harmonisation between the UK and the European Union for the UCITS ETF market’s development.

In a recent ETF Stream webinar, titled ETF Investigations: The European ETF market’s biggest trends in 2023, Fitzpatrick said the pressure on costs across industry makes harmonisation even more important for European ETFs.

Since Brexit, regulatory initiatives such as the Central Securities Depositary Regime (CSDR), the Sustainable Finance Disclosure Regulation (SFDR) and the move to T+1 settlement is causing a divergence between the EU and the UK.

Fitzpatrick said it is “easier” for the UK to move to a T+1 settlement model, for example, given it is a single market that does not have a host of different central securities depositaries (CSDs).

“It is all about enhancing the ETF environment,” Fitzpatrick said. “There are always cost pressures on the market so putting more regulation that causes fragmentation is only going to be negative for ETFs.”

Speakers in this webinar include:

  • Ciaran Fitzpatrick, head of ETF solutions for Europe, State Street

  • Marie Coady, global ETF leader, PwC

  • Jim Goldie, head of ETF capital markets and indexed solutions, EMEA, Invesco

ETF Investigations is a new webinar series from ETF Stream which examines the key issues facing ETF investors in Europe. To watch a full replay of this webinar, click here.


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