כניסה

ETN ("Teudot Sal")
Exchange Traded Notes (ETN) operations are subject to various risks – both financial and operational. The Israel Security Authority comprised this new supervision model, in an effort to manage and mitigate such risks while preserving an active and competitive ETN market. The model includes various provisions and restrictions, such as a requirement for capital allocation deposited to a backing account, in accordance with various risk factors. The model does not guarantee the stability of the ETN market but rather offers an incentive encouraging conservative operations and "penalizing" ETN managers for risky behavior.
 
The ETN Supervision Model was drafted by the ISA, and was formulated in collaboration with Prof. Amir Barnea on behalf of the ETN managers Association and Prof. Zvi Wiener as an external advisor on behalf of the ISA.
The model was made public on November 13, 2011.

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