Exchanging Views on Exchange-Traded Funds

The Harvard Law School Forum on Corporate Governance and Financial Regulation 2019-06-14

Posted by Hester M. Peirce, U.S. Securities and Exchange Commission, on Friday, June 14, 2019
Editor's Note: Hester M. Peirce is a Commissioner at the U.S. Securities and Exchange Commission. This post is based on her recent remarks at the FSB/IOSCO Joint Workshop on ETFs and Market Liquidity, available here. The views expressed in this post are those of Ms. Pierce and do not necessarily reflect those of the Securities and Exchange Commission or its staff.

Welcome to all of you. We are so delighted to be able to host you at the Securities and Exchange Commission for today’s workshop on exchange-traded funds (ETFs). The discussion today is sure to be fascinating. Aside from my greeting, everything I say reflects my own views and not necessarily those of the Commission or my fellow Commissioners. [1]

It is graduation season, so if you have time to walk around the city, you might see graduates of our local schools celebrating in their caps and gowns. The big story of this graduation season was the announcement by a wealthy commencement speaker at one college that he would pay off the debt of the entire graduating class to whom he was speaking. [2] His gift is wonderful, but it may become much more difficult to find commencement speakers, as I suspect that there are few who would be able to match such generosity. The reality is that most graduates will not be the beneficiaries of such kindness from a stranger.