Testimonies From ETF Panelists

The debate over whether ETFs are dangerous to the market is finally getting a congressional hearing. Over the past year, ETFs have been accused of increasing market volatility as well as posing other risks to the financial system.

A subcommittee of the Senate Banking Committee held a hearings Wednesday entitled “Market Microstructure : Examination of Exchange-Traded Funds (ETFs). The hearing was conducted by Sen. Jack Reed (D-R.I.).

IndexUniverse.com published the congressional testimonies of the four panalists:

• Noel Archard, managing director at iShares, the world’s biggest ETF firm
• Harold Bradley, chief investment officer at the Kauffman Foundation, and co-author in the past year of two papers critical of ETFs
• Eric Noll, an executive at Nasdaq, the second-biggest U.S. exchange, in charge of transaction services
Eileen Rominger, director of the Securities and Exchange Commission’s Investment Management division


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