Evolution of ETFs Video Series

Navigating Trends and Driving Innovation

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Driven by innovation and investor demand, the European ETF market is growing and evolving, seeing record net inflows, with total assets surpassing $2 trillion.

In this four-part video series, we explore the key drivers and trends shaping the ETF landscape, from regulation shifts to investor demand, the rise of algorithmic trading and the growing interest into diversification of investor portfolios.

*The 'Evolution of ETFs' video series was recorded in December 2024 and is presented for educational purposes. Any reference, depictions, or statements reflect the time of recording and may not represent current conditions, views or standards

Episode 1: Key insights and market trends in Europe

[The Evolution of ETFs. Key Insights and Market Trends in Europe.][Alex Warkins, ETP Business Development Manager London Stock Exchange] Hi.I'm Alex Watkins,and it's my pleasure today to welcome James from the RoyalBank of Canada and Paul from Vanguard to the first of ourETF video series. So I'll jump straight into it.European ETFs year to date,they've seen record net inflows,with total assets now standing over two trillion dollars.At the LSE, we've seen a similar growth story.Our ETP flows are up just over twenty percent and the totalassets for all of our ETP listings are up around onetrillion dollars It'd be great to just understand from your perspectives,what do you see as some of the drivers of that growth,but also what are the trends that you're observing in theEuropean ETF landscape?Paul, if we could start with you, please.[Paul Young, Head of ETF Capital Markets, Vanguard] Hi, Alex. Thanks very much.I think what we're seeing is a continuation of some of thetrends from previous years that investors are moving orincreasingly choosing ETFs as their vehicle for accessing lowcost index strategies for their portfolios.I think there's a couple of key things that are starting toaccelerate within that trend.One in particular being the the widening choice within thefixed income space.ETFs have historically been mostly equity in terms of AUM,and we're seeing very rapid growth in the fixed income index space.The second piece is the types of investors that are now using ETFs,and we're seeing an accelerating trend for retailinvestors towards,using ETFs as part of their their long term saving strategy.Yeah. Thank you. And James?[James Hilton, European Head of Multi Asset Agency Solutions, RBC Capital Markets] Yeah.It's been really interesting to see, I guess,the diversification that the the,the product class is going through at the moment.Paul talked about the passive side of the market and thefixed income, asset class,but we've also seen more recent growth,ETFs offering exposure to crypto, to CLO, private equity,even structured derivatives.And, there's a number of reasons, I think, why investors,are looking at ETFs as a way of getting access to thatsort of exposure.Firstly, they like the simplicity of the asset class.ETFs effectively trade like stocks they can trade on exchange.There's no additional paperwork required to trade ETFs beyondthat that's needed to trade stocks.And there's a certain element of standardization that ETFs bring.So if you have a,a group of hard to trade assets and you put a standardizedwrapper around them, it it will attract liquidity.It will attract investors to that to that particular product.Yeah. Great.And we obviously touched on some of the trends there,but it feels natural to also talk about some of the challenges.So, Paul, you touched on it a little bit, but we've seen,you know, the challenge to support the growth of retail,but also the visibility around trading ETFs,so both the on versus the off exchange model.From your perspectives,what do you sort of see as some of the key obstacles,And how are your firms looking to actually address those andmaybe provide a solution?James, if we come to you first, let's do it.Sure.So I mentioned that,ETFs can trade on exchange,but the reality is the vast majority of European ETF volumeis is traded on a bilateral basis using the request for quote mechanism,and and that that has challenges associated with it.The kind of the key one probably is that when you havethat sort of bilateral trading arrangement,requesting a quote and then trading with a market maker,those trades don't typically get included as part of theliquidity of the ETF.And from an investor's perspective,lots of investors have liquidity mandates.So if that ETF is deemed illiquid,it will fall out of the the the kind of the universe.So what we've been doing is,we've been looking at the the idea to kind of launch anETF algo.We're now fully up and running, with some large clients,and the feedback has has been fantastic.And I think there's some really key reasons why the ETFalgo solution is so popular.The first point is that with an RFQ,you're really picking a single point in time to execute.Particularly for large orders, you have some risk there.You're potentially buying at the high of the day.The second point, I think, is that ETF algos allows you to,allows you to provide liquidity to the market.So you can be passive,when you're when you're trading in the market rather thanalways crossing the spread as you would with a with an RFQ,with a market maker,you can provide liquidity to the marketplace.And I think one of the key things that a good ETF algowill do is that it will take into account,a fair value, for the underlying securities.It'll put, it'll put a wrapper around the algo,let it understand whether it's a good time to be passive orpotentially to take liquidity from the market.But also, there's lots of,there's lots of different solutions out there for for trading,which have probably been born in the single stock world.But things like dark pools and periodic auctions where youdon't have that pre trade impact,ETFs can use those those facilities just as well as a single stock.And we're starting to see some really interesting,results from that.Okay. Yeah. That's interesting. Thank you.And, Paul, coming to you.Yeah.So I think taking a step back for from a Europeanmarket's perspective,you have the fact that the ETF sits within a a market thatisn't a single capital market.So it has to trade in smaller pools of liquidity acrossthe various countries that they're listed.James speaks to some of the solutions to some of that,but that fragmentation undoubtedly has a bit of a dragon the product from a trading cost perspective.If you compare that, the European ETF average with USETF average, you tend to see wider bid offer spreads.But we're seeing that coming down all the time as more andmore diverse sets of investors come to the product trade atvarious points in the market.What we want to do is work with policymakers andregulators to try and increasingly harmonize themarket so that at least you have options as an investor totrade in other pools of liquidity that exist in the same product.And I think the second point that is a bit of a challenge inthat retail space is helping investors navigate away fromwhere they were before,which is typically active mutual funds onplatforms, advisor led platforms, moving to ETFs.Those platforms aren't necessarilydoing the operational work to make ETFs work efficiently on their platforms.So we're working very closely with new providers and legacyproviders to try and improve the access to the ETF product.Okay.Yeah. Great.Those are some great points that you've covered off there,and we've obviously looked at the trends and some of the challenges.So I think just to round things off,what is it that you're both most excited about or lookingforward to in the European ETF landscape going forward?Perhaps, James, we start with you again.Yeah. Sure.I think,where we've got to is that there is a real alternative to the status quo.The RFQ status quo, there are alternative ways of trading now.So the ETF Algo solution,you're able to to trade beyond a finite list of market makers.You can trade with the whole market.You can provide liquidity to to the market,and you can potentially get better outcomes from it.Okay. Yeah. Thanks. And Paul?Yeah.And I think that competition for liquidity will undoubtedlybenefit investors in the end through the tightening of bid offer spreads.I think the thing that we're really excited about is justthat growth of retail uptake for the product,particularly in the younger demographics that are,you know, digitally native, used to to using their phone ora laptop to to manage their investment accounts,and increasingly moving their savings into into moreproductive capital markets investments through ETFs,which is something that we, you know,we wanna see as a marketplace.I think that will benefit the whole ecosystem.Brilliant.Well, it sounds like there's some exciting stuff coming in thepipeline, so we'll keep an eye out for that.But I just wanna say thank you both for your valuable insightsand your time today.Thank you.Thanks. Thanks, Alex.This video is for information purposes only.Any information shared with you in this video is provided on an “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up-to-date.No warranties or representations, whether express or implied, are made in relation to any of the information contained in the video.No responsibility is accepted by or on behalf of LSE or any members of the London Stock Exchange Group (“LSEG”) for any errors, omissions, or inaccurate information in this video or for the results of any actions or investment decisions taken on the basis of the video.The information contained in this video does not constitute professional, legal, regulatory, financial, or investment advice and has not been verified, endorsed or otherwise validated by the LSE or LSEG.The views of the guests are their own and do not necessarily represent the views of LSE or LSEG.

Moderator: Alex Watkins, ETP Business Development Manager, London Stock Exchange
Speakers: James Hilton, European Head of Multi Asset Agency Solutions,
RBC Capital Markets & Paul Young, Head of ETF Capital Markets, Vanguard

Episode 2: The role of RFQ 2.0

[The Evolution of ETFs. The Role of RFQ 2.0]Hi.I'm Ruggi Garamaly from London Stock Exchange,and I'm thrilled to have Simon Barribal from Virtu here with metoday to discuss RFQ 2.0 order type.Simon, welcome.Good to see you.You. Let's dive right in.We have seen tremendous growth in RFQ 2.0 ordertype with ADV tripling year on year with two point four bps,price improvement versus BBO,as well as ninety six percent fill rate.I would love to hear your opinion from a user perspectiveas well as any client feedback that you might have received.[Simon Barribal, ETF Sales & Trading, Virtu Financial] So from an execution point of view,we similar seen a similar execution performance aroundthe two point four to two point eight basis points improvement.We integrated RFQ 2.0 into our ETF awareliquidity seeking algo known as FAN and then also into ourVWAP and TWAP algos in Europe.And overall, customer feedback's been very, very positive.I think clients highlight two key areas in which it helpstheir trading.The first one is to having it in an algo means that,clients are able to look to access multiple sources of ETFliquidity in a single electronic solution.So they're targeting LIT volumes, SI, dark,and RFQ venues within that algo.And then secondly,they're also more able to seamlessly integrate that intotheir automation workflows by being able to use similar algosfor both ETF and equity execution.That integration becomes, far easier.And then in terms of just the growth that we've seen in inthe usage, now we're up to a level where,in a typical week,we're seeing in excess of one hundred clients using our ETFalgos and executing in excess of four hundred million dollarsof European listed ETFs each week.And RFQ2.0 and the LSE aretypically the the largest market share of that,executional notional, each week.Well, I'm glad that you've experienced that growth firsthand.I guess my follow-up question from that would be,as a key broker using RFQ 2.0, how,was your overall experience from integrating it to yourworkflow to execution outcomes?So I think from a integration point of view it was pretty straightforward.We were able to turn that around pretty quickly and haveit added into our algos.But we were coming at from really from two different angles.We were coming from it from our execution desk through demandfrom clients to embed RFQ 2.0 into our execution algorithms.And then from the market making side of the business,we were very keen to be an active participant in makingprices within the RFQ 2.0 model.The driver for that was we were seeing demand from our clientsand from our own execution desk to increasingly automate ourETF execution and with the ability to incorporate multiplesources of liquidity into that rather than leaning overlyheavily on, just RFQ platforms,which is bilateral trading.I think the optionality of having the combination of anRFQ price and, an order book sweep in RFQ 2.0 is really beneficial for our executiondesk and our clients when they're trying to achieve theirbest execution, outcomes and overall,increasingly automating a lot of, how they're trading.I'm glad that you mentioned RFQ 2.0 orderbook sweep, which is available for Sub-LIS orders, on ETFs.But, for LIS and above all the, order sizes,RFQ 2.0 acts just like a traditional RFQinteracting with market makers only.We have observed,brokers using RFQ 2.0 for large trade sizes.I guess my question to you is to,broadly your opinion on how do you think the rise on exchange RFQ,functionality,will be enhancing European ETF market structure,and how do you think it will affect the future of the market?So I think the key thing here is this European,ETF, AUM, continues to grow.I think it's quite important that we have robust liquidityin the LIT order books to underpin that growth.I think in some respects,it's crucial to investors investing in ETFs in the first place.I think that type of liquidity in LIT order books tends tobe, the most visible and measurable,liquidity for clients and really can play a part in informing those investment and decisions.But I think all of us as market participants have a role toplay in in developing a more efficient European ETF market structure.So having a desire or or a belief that growingliquidity in the order book is is beneficial to the marketdoesn't make it happen.Just hoping that it happens doesn't really make a change.I think the real key here is innovation.And I think the innovation that we've seen from the LSE and RFQ 2.0and then, additionally,brokers like Vertu and others looking to integrate thatprocess into our execution algos really makes a differenceand can start to differentiate why the exchange is animportant place to go and help to grow, that,interaction with exchange liquidity.And I think what we always see is flow begets flow.The more flow that goes off and perhaps some of those smallerorders can then help develop,people to look to the order book, to trade, larger orders.And I believe these sort of innovations over time can startto shift the balance a little bit where,we've seen big moves towards, bilateral RFQ platforms.Sometimes people argue maybe the market's slightly out ofkilter there or there's an overreliance,and I think maybe that overreliance can be reduced somewhat,over over time and a bit of a movement back towards trading alittle bit more heavily on exchange in Europe.Well, Simon, thank you very much for a very insightful conversation,and thank you to our audience for watching.This video is for information purposes only.Any information shared with you in this video is provided on an “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up-to-date.No warranties or representations, whether express or implied, are made in relation to any of the information contained in the video.No responsibility is accepted by or on behalf of LSE or any members of the London Stock Exchange Group (“LSEG”) for any errors, omissions, or inaccurate information in this video or for the results of any actions or investment decisions taken on the basis of the video.The information contained in this video does not constitute professional, legal, regulatory, financial, or investment advice and has not been verified, endorsed or otherwise validated by the LSE or LSEG.The views of the guests are their own and do not necessarily represent the views of LSE or LSEG.

Moderator: Rugiyya Gahramanli, Equities Trading Business Development Manager, London Stock Exchange
Speaker: Simon Barribal, ETF Sales & Trading, Virtu Financial

Episode 3: The rise of algo trading

[The Evolution of ETFs. The Rise of Algo Trading][Reesha Radia, Senior Manager, Equities Trading, London Stock Exchange] In this episode of the Evolution of ETF series,we're gonna be talking about the rise of algo trading.Today, it's my absolute pleasure to welcome Rockey Agarwal fromGoldman Sachs.Thank you, Reesha. Thanks for having me.Excellent. Well, look, let's let's dive straight in.So I think over the last kind of twelve to eighteen monthsalongside this remarkable growth both globally and inEurope that we've seen within the ETF space,One one sort of trend we've noticed is our member brokersand brokers more broadly launching dedicated ETFalgorithms, including Goldman Sachs.So, I mean, it would be great to hear from you what you think is reallydriving this demand.Yeah. Sure.[Rockey Agarwal, Macro Sales Trading, Goldman Sachs International] So, see the as you mentioned,the whole ETF ecosystem is growing at a very rapid pace.There's been two hundred billion dollars of inflows thisyear, in in European ETFs alone.What that is doing is that is leading to the rise of more and more trading.ETF European traded volumes are around three trillion plus this year.That is doubled in the last five years.Now, historically clients have access to RFQswhich is trade now or trade at the end of the day.But as the different use cases in clients portfolios arechanging for ETFs,they need more flexibility in their execution,which is which is being achieved through the algos.The other is as the size of the ETF trading is increasing,clients wants to use algos to save cost,which they pay out to the market and take a little bit of duration risk.And the third is just purely workflow.There is a cost to integrate to different broker platforms,manage counterparty relationship and settlementswith a lot of different counterparties,and clients want to homogenize a part of that.How do these ETF algorithms fit within the kind of broaderequities algos that you have available,and also sort of what are the kind of commonalities ordifferences between, say,using an algo to trade an ETF versus a single stock?Yeah. Sure.So from a connectivity perspective, it's all the same.Clients use the same fixed line.Yeah.Interact with the same platforms,have the same algo panels, get real time fills and what not.But from a liquidity provisioning perspective,like essentially in single stock world,client is keeping control of the parent order and trying tofind natural liquidity or market makers or assign liquidity using algos.An ETF algo is exactly the same,but we have a smart order router sitting on top allowingclients access to liquidity of the ETF in the secondary market,but also natural liquidity in the underlying stocks and inthe futures market.So, you know, what we what it was with us as a market maker,access to liquidity across the different products there,we have opened up the architecture for clients todirectly use it.As we hope to see this sort of trend continue,if if I were a buy side trader looking sort of to leverage oneof these leverage these tools or if I'm already sort ofplugged into these ETF algos,what sort of order flow do you think is best suited?Or do you think there are any current sort of limitationseither from a product or a microstructure perspective?It'd be great to hear your thoughts on that.Yeah.So the algo works for all sizes and all order types in the market.But in terms of size we have seen a skew too, as largernotional sizes of the trades just because the risk premiumincreases as you trade principally for larger sizes.So, on average the order size is around two to three times ofwhat we receive on RFQs from clients.Yeah.And in terms of benchmark, like,the the crux of the algo is that it provides flexibilityand control to clients.So, yes, the traditional benchmarks of VWAP, TWAP,MOC are are there. Yeah.But clients have found their own use cases for the algo product.To give you a quick example is that you know clients lookingto trade a particular index which they know that there is alot of dark liquidity in the underlying,they are accessing that liquidity directly using the algo product.No. No. I think you touched on it.It's hard to talk about algos without sort of going straightto sort of TCA and you mentioned benchmarks.So, obviously, this is something that's evolving,but what what do you think sort of what's the kind of currentTCA offering or how how are clients really thinking aboutlooking at sort of analyzing performance post trade?Yeah. Sure.So on our side, the algo the ETF algo TCA is verysimilar to single stock TCA.It covers all the different benchmarks and performancematrix and venue matrix which the client will like to see.We added with two unique features for ETFs,one is the fair values of the index.Yeah.And the other is what is the impact on the wrapper costwhich the client's order is having.Yeah.I think the final question really just is in terms of sortof the next steps from a product perspective,what's next in terms of how are you thinking about continuingto improve execution outcomes for clients in terms ofconnectivity to sort of new order types,new sort of liquidity sources?What do you most feel focused on at the moment?Yeah.So we've spent the last one year integrating the ETF algoor the SOR product onto our electronic desk,which is a medium for choice for a lot of clientsinteracting with Goldman Sachs algo suits.I think the key now is how do we optimize the executionfurther to improve quality and,so the next stage will be to connect our ETF algo product toLSE's RFQ 2.0, which where you know,client can still control, the parent order,but the market can can provide liquidity at a child order level basis.We are also looking to,have an IS or implementation shortfall version of the algo,where client can get done almost immediately,using, but on an agency basis,so they do not have to pay the risk premia on the ticket.That is a a fascinating exciting space.Well, look, Rockey,thank you so much for your time and for joining us.It has been great.Thanks for having me. Thank you.This video is for information purposes only.Any information shared with you in this video is provided on an “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up-to-date.No warranties or representations, whether express or implied, are made in relation to any of the information contained in the video.No responsibility is accepted by or on behalf of LSE or any members of the London Stock Exchange Group (“LSEG”) for any errors, omissions, or inaccurate information in this video or for the results of any actions or investment decisions taken on the basis of the video.The information contained in this video does not constitute professional, legal, regulatory, financial, or investment advice and has not been verified, endorsed or otherwise validated by the LSE or LSEG.The views of the guests are their own and do not necessarily represent the views of LSE or LSEG.

Moderator: Reesha Radia, Senior Manager, Equities Trading, London Stock Exchange
Speaker: Rockey Agarwal, Macro Sales Trading, Goldman Sachs International

Episode 4: The future of crypto ETNs

[The Evolution of ETFs. The Future of Crypto ETNs][Richard Worrell, Co-Head - Equities Trading, London Stock Exchange] Hi, everyone.We're here at the London Stock Exchange to talk about theevolution of ETFs,and I'm absolutely delighted to be joined today by Alex fromtwenty one shares and Michael from WisdomTree to talk aboutthe future and the crypto ETNs.So thank you both for joining me. Thanks, Richard.Good to be here.Michael, so starting with you,twenty twenty four was a historic year for the LondonStock Exchange as we saw crypto ETNs listed for the first time.Guess, can you just tell us a little bit about WisdomTree's experience?[Michael Delew, Head of Capital Markets WisdomTree] Yeah. Absolutely, Richard, and, it's great to be here.So, twenty twenty four was a was a big year,for the industry.And, looking back at WisdomTree,we actually entered the crypto ETN space five years ago.And, launching Bitcoin and Ethereum ETNs is actually a naturalevolution of our product range.At WisdomTree we were able to leverage twenty years of experience structuringproducts such as Physical Metals ETPs,And the products share a lot of the same characteristics andthat they're physically backed.Security is a very important, characteristic of them.And both of them publish something called an entitlementwhere we publish,and investors can see on the website the actual amount ofthe physical asset underlying,the product and know what that is on a per share basis.So these products will bring a high degree of accessibilityand transparency to investors going forward.And we think twenty twenty four is going to be an inflectionpoint with the cross listing of these products in the LondonStock Exchange to just make them more available toinvestors and increase adaptation going very going forward.And we're excited to see where that goes.And then, Alex, I guess just to you,if you could just talk a little bit about the product range foryou at 21Shares.[Alex Pollak, Head of UK 21Shares] Sure. Thanks, Rich.And firstly, I want to thank you for organizing today.It's it's really great to be here and whenever I walkthrough the doors of the LSE,I'm reminded of the history and the status as London,as one of the global the global leading exchanges out there.And so we were very excited this year to bring 21Sharesto the London Stock Exchange.What we did is we listed our Bitcoin and Ethereum products on the exchange.These are, products that we had in the in the market for a while.So they're cross listing versions of products that wealready have in Europe.So it comes with many years of track record and performance,and the products been stress tested throughdifferent cycles.So excited to bring those to the market.We also listed them in different currencies.So we listed them in, not only in pounds,but also in dollars because we always are thinking about ourclients and we thought some of our clients might not just wantto trade them in pounds,they might want to trade them in dollars as well.And we hope this is just the first stage.We hope that in the future we'll be able to bring more ofour products to London as well.We have over fifty products globally.We are Europe's largestcrypto ETN provider.We've been around for six years as well.So very much looking forward to doing more in London.Fantastic. And thinking of first steps, Michael.I mean, what how volumes evolved as twenty twenty four went through.How have we seen that change?Sure.So there's been tremendous growth to say the least.So, looking at just the listings on LSE,we've seen volume grow very rapidly in those listingsonly since they've been listed in May of this year.But if you actually broaden out and you look at the Europeancrypto range as a whole,we've gone from seeing over the last six months about eightmillion dollars traded a day over our entire crypto rangeto, over the past couple weeks,about twenty eight million traded traded today.So we've seen a tripling of volume.So it really represents, I think,a vote of investor confidence in this product structure.It's secure. It's safe.It's reliable.It has regulatory approval,and it's also very easy to access on,on exchanges such as LSE and other exchanges throughoutEurope.So I think that this is really going to reflect a a paradigmshift, that investors are really looking at these products,and considering using them in a more serious way in theirportfolios going forward.And I think the increase in volume that we've seen over thepast couple weeks really reflects that.Okay. That's interesting.And speaking of regulation, as things stand,professional investors alone, Alex, can trade crypto ETFs.Can you just explain to me what that means?Yes. Exactly.So back in, a few years ago, the FCA took the decision,to not allow, crypto crypto derivative products to,be available to retail investors.So it's really been a market that's only,available to professional qualified investors.So many platforms are not allowing them to be listed there.Okay.So it's only a certain segment of the market,that really has access.But I would I would say, actually,twenty twenty four has actually been a very positive year in the UK market.We've seen progress with the FCA actually allowingfirms like WisdomTree,like 21Shares to list on the London StockExchange in in the, professional only segments.We've obviously you know,the LSE has allowed us to to list our products as well.So I think it's actually been a very positive year.We've obviously seen, retail,retail adoption happening globally,especially with the opening of the US market this year and andthe evolution that we're seeing in Europe and in other regions of the world.So, you know, hopefully,we'll see that carry through into the UK as well,especially with some of the announcements we've seen fromthe FCA that they will be creating a framework over thenext couple of years.But but, yes, at the moment,it's it's just for professional and qualified investors only.Okay. Understood.And that progress and positivity, I love that.So this is an incredibly fast moving industry, but equally,I would love to hear what you what you're both thinking.So, Michael, I'll start with you.When you think about the future developments over the next fewyears, what do you see happening?How is that evolution gonna continue?Sure.So I think we're gonna see, you know,continued growth and also adaption of this asset class.So a few interesting statistics which we saw,and pointed out in our recent press release that fortypercent of institutional investors are looking toincrease their usage of crypto ETNs going forward.Thirty five percent of investors view crypto as aviable, portfolio diversification tool.And, also, quite interestingly,thirty three percent of investors view crypto ETNs as aviable replacement for gold.So I think if you look at all three of those statistics,it's quite compelling that investors are starting to takethis asset class more and more seriously.And I think the cross listing of the products on the LondonStock Exchange really shows that this is quite a serious tool.It's a it's a it's an important resource,and it makes this asset class, which, you know,is becoming harder and harder to ignore,much more easy for investors to access,both on the London Stock Exchange and across venues, in Europe.Okay. Yeah. Interesting.And I guess, Alex, same question to you.Yeah.I'd I'd absolutely agree and echo everything that,Michael just said.I would also, I also think we're gonna see more more regulatory,adoption of this globally.We started to see that. And I and I think,yeah, I think this is this is important that we're bringingregulated products in into the market.So, I think we'll see more regulatory adoption.I also think that,generally, we're we're we're gonna see more adoption of the technologythat underpins it.So that's talking about blockchain technology,and I think that will also impact the evolution of the capital markets.Of course, we need more education in the space.So until we see the proper adoption, we'll, you know,education, I think,is incumbent for all of us in the industry to educate peopleout there wanting to learn more.But I'm very positive,about the growth that we'll see over the coming years.That's great. That's very exciting.I love the positivity, and I feel like we are progressing.And it's been it's been fascinating to be part of itwith both of you, and we appreciate everything you've done.So thank you very much for joining us both,and I really appreciate it.Thank you, Richard.Been a pleasure. Thank you.This video is for information purposes only.Any information shared with you in this video is provided on an “AS IS” and on an “AS AVAILABLE” basis and may not be accurate or up-to-date.No warranties or representations, whether express or implied, are made in relation to any of the information contained in the video.No responsibility is accepted by or on behalf of LSE or any members of the London Stock Exchange Group (“LSEG”) for any errors, omissions, or inaccurate information in this video or for the results of any actions or investment decisions taken on the basis of the video.The information contained in this video does not constitute professional, legal, regulatory, financial, or investment advice and has not been verified, endorsed or otherwise validated by the LSE or LSEG.The views of the guests are their own and do not necessarily represent the views of LSE or LSEG.

Moderator: Richard Worrell, Co-Head - Equities Trading, London Stock Exchange
Speakers: Alex Pollak, Head of UK, 21Shares & Michael Delew, Head of Capital Markets, WisdomTree

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