- There has been a twisted development at the London Stock Exchange (LSE).
- The development comes as the exchange prepares to list its first crypto ETPs.
- Some issuers have begun to report collaboration challenges stemming from the development.
The London Stock Exchange (LSE) has reportedly lost two members of its exchange-traded products (ETPs) team, just as it readies to list its first products tied to cryptocurrencies.
The development at the LSE comes after the Financial Conduct Authority (FCA) on May 22 cleared WisdomTree, 21Shares, Invesco, and other qualified issuers to launch a batch of Bitcoin and Ether-based exchange-traded notes (ETNs) on the exchange.
LSE Loses Half of ETF Team
According to a May 24 Bloomberg report, half of LSEโs team overseeing ETFs has left the exchange, including Michael Stanley, the team’s head, and business development head Hetal Patel.
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While the report quoted a spokesperson of the exchange, who confirmed the development without stating why the two had departed, Patel revealed in an earlier LinkedIn post that she had decided to leave LSE for a new career.
โAfter nearly 12 wonderful years, I have decided to leave LSEG (London Stock Exchange Group) for a new and exciting career opportunity, starting towards the end of July,โ Patel wrote.
Stanleyโs departure comes after he was promoted to head ETFs at the exchange ten months ago in July 2023. He first joined LSE in 2012 as a business support analyst, his first job in the financial services industry.
Per the report, the departure of the two has made it difficult for some ETP issuers to get โclear feedbackโ from the LSE on technical matters related to the upcoming crypto-linked ETPs, which are expected to be listed as early as May 28.
Stay updated on the approval of spot Ether ETFs in the U.S.:
BREAKING: SEC Approves All Spot Ether ETFs in Total Pivot
Read this article to understand the potential impact of Bitcoin ETFs on Chinaโs no-crypto stance:
Are Bitcoin ETFs Poised To Reshape Chinaโs No-Crypto Stance?
