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Australian Crypto ETF Launch Delayed Due to Pressure From Unidentified Broker: Report
The race to list a crypto ETF in Australia has been dealt a setback hours before it was due to go live on CBOE Australia.
Updated May 11, 2023, 4:17 p.m. Published Apr 26, 2022, 8:57 a.m.
The highly anticipated launch of three crypto-focused exchange-traded funds (ETF) in Australia has been halted less than 24 hours before a proposed listing on CBOE Australia, according to an AFR report.
- The Cosmos Asset Management and ETF Securities funds were due to be begin trading at 10 a.m. local time on April 27.
- "Standard checks prior to the commencement of trading are still being completed," stated CBOE Australia.
- The delay is being blamed on a "prime" or "executing" broker who has yet to approve the products due to a delay in appointing a market maker for the product's launch, according to AFR.
- ETF Securities head of distribution Kanish Chugh said the delay is "no fault whatsoever of ETF Securities or the exchange," adding the fund is working quickly to resolve the issue.
- "Cosmos AM has approval from the exchange to commence quoting and we’re working towards that goal," said a Cosmos spokesperson.
- CBOE Australia has revealed that an update will be provided in "the coming days."
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Read more: Australia Crypto ETF Market Heats Up With Two More Spot Funds Set to Launch
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