市场呼唤多元化ETF市商生态

Core Viewpoint - The article discusses the potential involvement of leading fund companies in the ETF market-making business, driven by rising market-making costs and the need for liquidity in a competitive environment [2][4][5]. Group 1: Market Dynamics - The overall scale of ETFs in the market is approaching 5 trillion yuan, leading to the growth of the upstream and downstream industry chain [2]. - The increasing market-making fees in recent years are a direct reason for leading fund companies to consider participating in market-making themselves [5]. - The current ETF market faces issues such as a single market-making entity and high market-making costs, prompting calls for more institutions to participate [2][5]. Group 2: Regulatory Challenges - Fund companies face regulatory barriers to directly participate in ETF market-making, as only brokerage firms currently qualify [6][7]. - Regulations require fund management companies to hold fund shares for at least six months, which restricts their ability to engage in frequent trading necessary for market-making [6]. Group 3: Cost Considerations - Fund companies are evaluating the cost implications of establishing subsidiaries for ETF market-making, balancing between in-house capabilities and outsourcing to brokerage firms [10][11]. - The establishment of a market-making team requires significant investment in human resources and IT systems, which may not be feasible for mid-sized companies [11]. - The potential for economies of scale and the complexity of managing market-making operations are critical factors in the decision-making process [11]. Group 4: Industry Calls for Diversity - There is a call for the introduction of more market-making institutions to enhance competition and reduce costs in the ETF market [13][14]. - The current reliance on a few major players for ETF market-making could limit market growth and accessibility [13]. - The article emphasizes that ETF trading volume should not be the sole measure of product value, but rather the genuine trading demand from clients [14].