Morgan Stanley Considers Broader Bitcoin ETF Sales Through Broker Network
Morgan Stanley Considers Broader Bitcoin ETF Sales Through Broker Network
Banking giant Morgan Stanley (NYSE:MS) is exploring a way to expand its offerings in the red-hot world of Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs).
What Happened: According to a report, the firm is considering allowing its vast network of brokers, roughly 15,000 strong, to actively recommend Bitcoin ETFs to clients.
Under the existing framework, Morgan Stanley clients must initiate discussions about Bitcoin ETF investments themselves.
The proposed change, which is still being refined to include specific "guardrails" such as risk tolerance assessments and limitations on how much and how often clients can trade, aims to broaden market participation.
"We're going to make sure that we're very careful about it," one executive emphasized. "We are going to make sure everybody has access to it. We just want to do it in a controlled way."
Why It Matters: The firm's cautious stance mirrors that of other major institutions.
For instance, Merrill Lynch and Wells Fargo also restrict Bitcoin ETF transactions to unsolicited engagements, with Merrill setting a high bar by requiring clients to possess assets upwards of $10 million.
Representatives for these banks have declined to comment on any future plans regarding their cryptocurrency offerings.
Meanwhile, the landscape of financial firms embracing crypto varies widely.
While the SEC approved 11 Bitcoin ETF applications from heavyweights like BlackRock Inc. (NYSE:BLK) and Fidelity in January, not all institutions have opted to include them in their portfolios.
Vanguard has explicitly rejected incorporating crypto products, citing a lack of a clear role in long-term investment strategies.
On the other hand, independent broker-dealer Cetera Financial Group recently greenlit four Bitcoin ETFs for its advisors, coupled with rigorous education and risk management protocols.
What's Next: The discussions around Bitcoin ETFs and their integration into traditional finance will undoubtedly be a hot topic at Benzinga's upcoming Future of Digital Assets event on Nov. 19.
銀行業巨頭摩根士丹利(NYSE:MS)正在探索一種在炙手可熱的比特幣(加密貨幣:BTC)交易所交易基金(ETF)世界中擴大其產品範圍的方法。
發生了什麼:根據一份報告,該公司正在考慮允許其龐大的經紀人網絡(約15,000人)積極向客戶推薦比特幣ETF。
在現有框架下,摩根士丹利的客戶必須自己發起有關比特幣ETF投資的討論。
擬議的變更仍在完善中,以包括具體的 “護欄”,例如風險承受能力評估以及對客戶交易量和頻率的限制,旨在擴大市場參與度。
一位高管強調說:“我們將確保對此非常謹慎。”“我們將確保每個人都能訪問它。我們只想以可控的方式做到這一點。”
爲何重要:該公司的謹慎立場反映了其他主要機構的謹慎立場。
例如,美林證券和富國銀行還將比特幣ETF交易限制在未經請求的參與範圍內,美林通過要求客戶擁有超過1000萬美元的資產來設定了很高的門檻。
這些銀行的代表拒絕評論有關其加密貨幣發行的任何未來計劃。
同時,金融公司採用加密貨幣的格局差異很大。
儘管美國證券交易委員會在1月份批准了貝萊德公司(NYSE:BLK)和富達等重量級人物的11份比特幣ETF申請,但並非所有機構都選擇將其納入其投資組合。
Vanguard明確拒絕整合加密產品,理由是長期投資策略中缺乏明確的作用。
另一方面,獨立經紀交易商Cetera Financial Group最近爲其顧問批准了四隻比特幣ETF,並制定了嚴格的教育和風險管理協議。
下一步是什麼:圍繞比特幣ETF及其融入傳統金融的討論無疑將成爲Benzinga即將於11月19日舉行的數字資產未來活動的熱門話題。
譯文內容由第三人軟體翻譯。
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