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@article{ART002343628},
author={Mincheol Woo},
title={Contribution of liquidity providers in the Exchange Traded Note(ETN) market of Korea Exchange},
journal={Asset Management Review},
issn={2288-6672},
year={2015},
volume={3},
number={2},
pages={1-18},
doi={10.23007/amr.2015.3.2.1}

TY - JOUR
AU - Mincheol Woo
TI - Contribution of liquidity providers in the Exchange Traded Note(ETN) market of Korea Exchange
JO - Asset Management Review
PY - 2015
VL - 3
IS - 2
PB - Institute of Management Research, SungKyunKwan University
SP - 1
EP - 18
SN - 2288-6672
AB - Korea Exchange launched the Exchange Traded Note(ETN) market on the 17th of November, 2014. The exchange introduced ‘Liquidity Providers’ to prevent the market from failing due to the shortage of liquidity. Our study provides an overall review of the current ETN market. Using the data of listed items in ETN market for the last 10 months since the inception, we also analyze whether liquidity providers show any differences in their capability ETN market started with 10 items and the average daily trading volume of KRW 100 millions. As of the 30th of September, 2015, 55 items are listed and the average daily trading volume reaches KRW 40 billions. Stock based type occupies 76.4% of the market in terms of the number of listed items and 93.9% in terms of trading volume although many other different types have been issued. Contribution of each provider to the market liquidity is different between providers. The result remains the same across several liquidity measures and the type of underlying asset. The results show that mere competition in the market does not guarantee to provide enough liquidity to the market. For the successful growth of ETN market and the protection of investors, current liquidity provider system needs to include a proper evaluation process of the providers.
KW - ETN;Liquidity providers;Liquidity measure;Regression analysi s;Market making
DO - 10.23007/amr.2015.3.2.1
ER -

Mincheol Woo. (2015). Contribution of liquidity providers in the Exchange Traded Note(ETN) market of Korea Exchange. Asset Management Review, 3(2), 1-18.

Mincheol Woo. 2015, "Contribution of liquidity providers in the Exchange Traded Note(ETN) market of Korea Exchange", Asset Management Review, vol.3, no.2 pp.1-18. Available from: doi:10.23007/amr.2015.3.2.1

Mincheol Woo "Contribution of liquidity providers in the Exchange Traded Note(ETN) market of Korea Exchange" Asset Management Review 3.2 pp.1-18 (2015) : 1.

Mincheol Woo. Contribution of liquidity providers in the Exchange Traded Note(ETN) market of Korea Exchange. 2015; 3(2), 1-18. Available from: doi:10.23007/amr.2015.3.2.1

Mincheol Woo. "Contribution of liquidity providers in the Exchange Traded Note(ETN) market of Korea Exchange" Asset Management Review 3, no.2 (2015) : 1-18.doi: 10.23007/amr.2015.3.2.1

Mincheol Woo. Contribution of liquidity providers in the Exchange Traded Note(ETN) market of Korea Exchange. Asset Management Review, 3(2), 1-18. doi: 10.23007/amr.2015.3.2.1

Mincheol Woo. Contribution of liquidity providers in the Exchange Traded Note(ETN) market of Korea Exchange. Asset Management Review. 2015; 3(2) 1-18. doi: 10.23007/amr.2015.3.2.1

Mincheol Woo. Contribution of liquidity providers in the Exchange Traded Note(ETN) market of Korea Exchange. 2015; 3(2), 1-18. Available from: doi:10.23007/amr.2015.3.2.1

Mincheol Woo. "Contribution of liquidity providers in the Exchange Traded Note(ETN) market of Korea Exchange" Asset Management Review 3, no.2 (2015) : 1-18.doi: 10.23007/amr.2015.3.2.1