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Toronto Stock Exchange Celebrates 25 Years of Listing and Trading Exchange Traded Funds

2015 marks the 25th anniversary of the creation of the world's first Exchange Traded Fund (ETF). To celebrate this milestone, as well as the rapid growth of the Canadian and global ETF markets, Atul Tiwari, Managing Director, Vanguard Investments Canada Inc. & Vice Chair, Canadian ETF Association (CETFA), members of CETFA and ETF providers joined Ungad Chadda, Senior Vice President, Toronto Stock Exchange (TSX) to open the market on TSX today.

"The ETF is a made-in-Canada financial innovation. We are proud to have led the world in the creation of this revolutionary investment product," says Mr. Chadda. "The ETF industry in Canada and globally has been a phenomenal growth story and TSX is committed to supporting the Canadian ETF market as it further grows and evolves."

The world's first exchange-traded, index-linked product – the precursor to the modern day ETF – was launched on TSX when the Toronto 35 Index® Participation Units (TIPs®) was listed in 1990. In March 2000, the TIPs was merged into the iUnits S&P/TSE 60 Index Participation Fund, known as the "iUnits 60 Fund," and trading under the symbol XIU. Following several name changes in the following years, that fund is today known as the iShares S&P*/TSX 60 Index ETF, the largest Canadian-domiciled ETF with over $11 billion in assets under management (AUM), and among the top five most actively traded securities on TSX.

The Canadian ETF market has seen impressive growth over the past quarter century, and 2014 was a noteworthy year for the industry. The year ended with nearly $77 billion in AUM, up $13.7 billion from 2013 – the largest annual increase in the industry's history. In fact, the Canadian ETF market garnered double-digit annualized growth of over 20% last year. As of February 28, 2015, there were 354 ETFs listed on TSX, with 77 new products launched since January 2014. ETFs currently represent over 20% of total TSX listings. In 2014, 5.5 billion ETF shares were traded on TSX, representing almost 7% of all trading on the Exchange. Options on 31 ETFs also trade on Montréal Exchange, a wholly-owned subsidiary of TMX Group.

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WFE Interviews Jose Antonio Martinez, Bolsa de Comercio de Santiago

Author Name: Jose Antonio Martinez, CEO, Bolsa de Comercio de Santiago

1. Could you give us a bit of background about your exchange? 

The Chilean stock market is one of the strongest markets in Latin America. There are three Stock Exchanges, being Santiago Stock Exchange, the most important in terms of traded volume, number of brokers and products and infrastructure development. This is confirmed by our market share of 88% in equity, 93.6% in fixed income and 99.8% in other financial instruments, giving us a total participation of 96.9% in all markets. The total market capitalization at the end of 2013 exceeded US$266,000 million.

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WFE interviews Ibrahim Turhan, Chairman & CEO, Borsa Istanbul

Author Name: Ibrahim Turhan, Chairman & CEO, Borsa Istanbul

1. Could you give us a bit of background about your exchange? 

Borsa İstanbul is the fully integrated operator of capital markets in Turkey and provides a fair, transparent and efficient environment for the trading of a wide variety of securities including equities, ETFs, warrants, government and corporate bonds, repo and reverse-repo agreements, derivatives, selected commodities and Sukuk. We are also the only provider of post-trade services, namely, central clearing, settlement, custody, and registration in Turkey.

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WFE Interviews, Rashed Al Baloushi, CEO, Abu Dhabi Securities Exchange

Author Name: Rashed Al Baloushi, CEO, Abu Dhabi Securities Exchange

1. Could you give us a bit of background about your exchange?

The Abu Dhabi Securities Exchange was established in November 2000 for the trading of securities including shares issues by joint stock companies., bonds, sukuks issued by governments and corporations, as well as ETFs and other financial instruments approved by UAE SCA. Its market capitalisation as at 31 December 2013 was AED 402.2 billion/USD 110.2 billion (an increase of 57% over 2012) and its total turnover was almost AED 85 billion/USD 23.29 billion.

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