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Agreement), заключенного в 1792 году между 24 фондовыми брокерами под платаном (buttonwood) на Уолл-стрит, что привело к образованию биржи NYSE. Прим. науч. ред.

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      Возникает серьезный вопрос: повышает ли столь высокая оборачиваемость ETF риски фондового рынка? В своей статье под названием «Как торговля индексами повышает уязвимость рынка» (How Index Trading Increases Market Vulnerability) в Financial Analysts Journal за март/апрель 2012 года редактор Родни Салливан и Джеймс Шонг говорят о том, что резкий рост торговых операций с ETF снизил преимущества диверсификации для всех видов портфелей акций… увеличив волатильность рынка. Авторы пришли к выводу, что колоссальные объемы торгов с ETF, на сегодняшний день составляющие 35 % от общего объема торгов на биржах США (5 % десятилетие назад), сделали рынок более хрупким и увеличили системные риски фондового рынка США.

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