伦敦证券交易所将于 5 月 28 日推出比特币、以太坊 ETN

伦敦证券交易所于 5 月 28 日宣布推出比特币和以太坊 ETN。推出前的关键日期包括 4 月 8 日发行人申请、5 月 22 日 FCA 批准以及 4 月 15 日提交 ETN 要求。为什么是5月28日出道？

When Will Crypto ETNs Debut on the London Stock Exchange?

加密货币 ETN 何时在伦敦证券交易所首次亮相？

In a March 25 announcement, the London Stock Exchange (LSE) revealed its plans to launch Bitcoin (BTC) and Ethereum (ETH) crypto exchange-traded notes (ETNs) on May 28.

在 3 月 25 日的公告中，伦敦证券交易所 (LSE) 透露计划于 5 月 28 日推出比特币 (BTC) 和以太坊 (ETH) 加密货币交易所交易票据 (ETN)。

Key Dates for ETN Launch

ETN 推出的关键日期

The LSE has outlined several key dates leading up to the launch:

伦敦证券交易所概述了启动前的几个关键日期：

• April 8: Applications for admission will be accepted from issuers.
• May 22: The Financial Conduct Authority (FCA) must approve base prospectuses for ETNs intended to launch on day one of trading.
• April 15: Issuers targeting the May 28 launch date must submit a letter outlining how their ETN meets all requirements, along with a base prospectus draft.

Why May 28?

4 月 8 日：将接受发行人的准入申请。5 月 22 日：金融行为监管局 (FCA) 必须批准拟在交易第一天推出的 ETN 的基本招股说明书。4 月 15 日：计划于 5 月 28 日推出的发行人必须提交一份信函概述了他们的 ETN 如何满足所有要求，以及基本招股说明书草案。为什么是 5 月 28 日？

The LSE chose May 28 to allow the maximum number of issuers to participate on the first trading day. This date provides ample time for applicants to prepare necessary documentation and for the LSE to assess their compliance with requirements.

伦敦证交所选择5月28日为首个交易日，允许最大数量的发行人参与。该日期为申请人准备必要的文件以及伦敦经济学院评估其是否符合要求提供了充足的时间。

FCA's Role in ETN Approval

FCA 在 ETN 审批中的作用

The launch date hinges on the FCA approving base prospectuses from applicants. The FCA must list crypto ETNs on its Main Market and Official List.

发布日期取决于 FCA 批准申请人的基本招股说明书。 FCA 必须在其主要市场和官方名单上列出加密货币 ETN。

Previous Expectations

之前的期望

On March 11, the LSE had indicated that it would accept applications in the second quarter of 2024, but without specifying a precise date.

3月11日，伦敦证券交易所表示将于2024年第二季度接受申请，但没有具体说明具体日期。

ETN Requirements

ETN 要求

The LSE has outlined several requirements for ETNs:

LSE 概述了 ETN 的几项要求：

• No retail trading allowed.
• Funds must be non-leveraged and physically backed by Bitcoin or Ethereum.
• At least 90% of assets must be held in cold storage or an equivalent method, with a qualified custodian.

FCA's Position on Crypto ETNs

不允许零售交易。资金必须是非杠杆的，并由比特币或以太坊实物支持。至少 90% 的资产必须以冷库或同等方式保存，并由合格的托管人保管。FCA 对加密货币 ETN 的立场

Separately, the FCA stated on March 20 that it would not object to requests from Recognised Investment Exchanges to create crypto ETNs.

另外，FCA 于 3 月 20 日表示，不会反对认可投资交易所创建加密货币 ETN 的请求。

Significance of UK's ETN Allowance

英国ETN津贴的意义

The UK's willingness to permit crypto ETNs is significant, as it provides professional investors with new avenues for crypto exposure.

英国允许加密 ETN 的意愿意义重大，因为它为专业投资者提供了加密货币投资的新途径。

Distinction Between ETNs and ETFs

ETN 和 ETF 之间的区别

While crypto ETNs share similarities with exchange-traded funds (ETFs) in terms of tracking the underlying crypto's price, they differ in their structure and design.

虽然加密货币 ETN 在跟踪基础加密货币价格方面与交易所交易基金 (ETF) 有相似之处，但它们的结构和设计有所不同。