11 December 2013

Co-Authors

Alex Kemmsies

Associate

Scott Burrill

Managing Director

Rosenblatt Securities Inc.
New York +1 212 607 3100
Dublin +353 1 855 9125

Inquiries to
globalexchangeanalysis@rblt.com

TRADING TALK
Rosenblatt’s Monthly ETP Review: November

Notable ETP News

VelocityShares Exchange Traded Notes Switch Listing To NASDAQ
—Press Release

NASDAQ OMX announced today that twelve VelocityShares exchange traded notes will transfer from NYSE Arca to be listed on The NASDAQ Stock Market effective December 2nd, 2013.

Our Take: VelocityShares' move is a win for Nasdaq, but should only put a small dent in Arca's market-share lead in ETP trading. The most liquid (by a large margin) of the 12 transferring ETNs is XIV, which accounts for nearly 1% of all ETP volume, but only 12bps of Arca's overall ETP market share. And only a portion of that market share — that associated with the opening and closing auctions, which are run by the listing market — can be expected to migrate as a result of the listings change.

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