Barclays lists iPath exchange-traded notes in Canada

Date: Friday, December 11, 2009
Author: HedgeWeek

Barclays Bank has introduced its iPath exchange-traded notes platform in Canada with the cross-listing of seven iPath ETNs on the Toronto Stock Exchange.

The iPath ETNs are linked to equity volatility, currencies and the CBOE S&P 500 BuyWrite strategy.

The iPath ETNs are:

• iPath S&P 500 VIX Mid-Term Futures ETN
• iPath S&P 500 VIX Short-Term Futures ETN
• iPath Optimized Currency Carry ETN
• iPath JPY/USD Exchange Rate ETN
• iPath GBP/USD Exchange Rate ETN
• iPath EUR/USD Exchange Rate ETN
• iPath CBOE S&P 500 BuyWrite Index ETN

“We are pleased to expand our iPath ETN platform in Canada. iPath ETNs have been tremendously successful in the US attracting over USD5bn in market capitalisation with over USD80bn in volume traded since inception,” says Philippe El-Asmar, managing director, head of investor solutions at Barclays Capital. “Barclays has experienced tremendous growth in the Americas in recent years and this cross-listing underlines our commitment to the Canadian markets.”

iPath ETNs were first launched by Barclays Capital in the US in 2006 and are designed to provide investors with convenient access to the returns of market benchmarks, less investor fees.

The ETNs are senior, unsecured, unsubordinated debt securities that trade in the secondary market during trading hours at market prices, and may typically be redeemed in at least 50,000 units on a daily basis directly to Barclays.

In addition to this cross-listing in Canada, Barclays Capital has launched the iPath S&P 500 VIX Short-Term Futures ETN and the iPath S&P 500 VIX Mid-Term Futures ETN on the Frankfurt Stock Exchange.

There are currently 30 iPath ETNs listed on the NYSE Arca stock exchange in the US and the firm plans to cross-list or directly list additional iPath ETNs in other countries in the future.