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The trading occurs in plain sight.
But E.T.F.'s are cheaper to operate because most trading occurs between investors, without fund providers issuing or redeeming shares.
The remaining one-third of trading occurs on smaller E.C.N.'s, regional exchanges or through internal order matching by broker-dealers.
If such trading occurs in spite of the procedures, fund officials are supposed to alert their board, which has a fiduciary duty to protect fund shareholders.
That switch posed problems for Nasdaq because its trading occurs electronically over a network of computers, not on a trading floor filled with people.
The UK fund-management industry is one of the world's largest investment centres, looking after £3.9tn of assets; 37% of all foreign exchange trading occurs in London.
Similar(43)
The trading occurred in the equities division.
The trading occurred from 1998 until at least 2001, these people said.
The company has said that some rapid trading occurred in its foreign funds.
The trading occurred in at least 10 Invesco funds, the commission said.
Most of Amaranth's trading occurred on the New York Mercantile Exchange, known as Nymex.
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