ETF與做空加密幣的關係
跟隨比特幣 #btc 推出ETF之後，以泰幣 #ETH 也推出了ETF，而對衝基金可以通過ETF特有的FTD機制做空加密幣，這也是我看空加密幣行情的理論基礎。請閱讀這份報告了解EFT如何建倉，把自己的倉位出借給對衝基金做空對應的產品，而對衝基金則不必立即償還借走的倉位從而產生FTD來做空。
researchgate.net/publication/369197965_Confirmation_of_T35_Failures-To-Deliver_Cycles_Evidence_from_GameStop_Corp
1. 什麼是FTD？
未交收（FTD）指在交易合同中一方未能履行其交割义务。
2. 為什麼會出現FTD？
由于交割要求（规则204）的豁免，授权参与者（AP）和/或市场做市商在T+3结算时间之外，可以合法延迟交割三天（称为T+6），从而合法地造成额外的FTD。此外，规则2043规定，如果FTD是由某人出售其拥有并计划尽快交割的证券所致，可延长至35个自然日（称为T+35）。
3. 什麼是豁免？
这些豁免引发了对滥用T+d规则及其对金融市场影响的担忧。2016年，金融业监管局（FINRA）和纳斯达克因Wedbush Securities代表客户提交‘裸’ETF赎回订单而对其进行了罚款，突显了不道德的卖空活动可能性。
4. ETF如何建立倉位及什麼是贖回？
ETF 份額的創建過程涉及以適當的權重購買所有標的證券，以達到創建單位規模（每個創建單位 25,000 股至 600,000 股）。创建后，AP将证券交付给ETF发起人，ETF发起人将证券打包成ETF并交付给AP。新创建的股票随后被引入二级市场。赎回是相反的过程，但AP在此过程中可以选择购买ETF股票而不赎回基础证券，持有ETF股票可能存在库存风险。
5. ETF與裸空的關係？
未交收也与裸卖空有关。裸卖空是指交易参与者在没有拥有或借入股票的情况下卖出股票。如果在T+3日期后没有弥补交易，就会产生FTD。
原文：
1. 什麼是FTD？
Failures to deliver (FTD) form in markets when one party in a trading contract fails to deliver on their obligation.
2. 為什麼會出現FTD？
Due to the exclusive exception provided by the delivery requirement (Rule 204), an authorised participant (AP) and/or market maker in the stock market can legally delay delivery of shares for three additional trading days (referred to as T+6) beyond the standard T+3 clearing time, thus lawfully creating extra FTDs. In other words, the AP has the option to sell short ETF shares and then fail to deliver them at the settlement date. Additionally, Rule 2043 provides an extended period of up to 35 calendar days (referred to as T+35) to close out certain FTDs if an FTD position results from the sale of a security that a person is deemed to own and that such person intends to deliver as soon as all restrictions on delivery have been removed (SEC, 2015).
3. 什麼是豁免？
These exemptions have raised concerns about abuse of these T+d rules and its implications for financial markets. The possibility of unethical short-selling activities was highlighted by the action of the Financial Industry Regulatory Authority (FINRA) and Nasdaq in 2016 in fining Wedbush Securities, an ETF AP, for submitting ‘naked’ ETF redemption orders on behalf of broker/dealer clients.
4. ETF如何建立倉位及什麼是贖回？
The creation process of ETF shares involves the buying of all the underlying securities in their appropriate weightings to reach creation unit size (ranging from 25,000 to 600,000 shares per creation unit). After creation, the AP delivers the securities to the ETF sponsor6 , and in return the ETF sponsor bundles the securities into the ETF wrapper and delivers the ETF shares to the AP. The newly created shares are then introduced to the secondary market. Redemption is the reverse process, which involves ‘unwrapping’ ETF units back into the individual securities and selling them on the market. However, the AP has a choice in this redemption process to purchase ETF shares without redeeming them for the underlying securities. In this option, cumulating shares of ETF pose an inventory risk.
5. ETF與裸空的關係？
FTDs are also associated with naked short selling. The term ‘naked short selling’ is used to describe a situation where a trading participant sells a share without owning or borrowing it (Putninš, 2009). In the case of naked short selling, an FTD occurs if such a trade is not covered by the T+3 date, i.e., the owner of the short position did not own or borrow the stock after that date.
researchgate.net/publication/369197965_Confirmation_of_T35_Failures-To-Deliver_Cycles_Evidence_from_GameStop_Corp
1. 什麼是FTD？
未交收（FTD）指在交易合同中一方未能履行其交割义务。
2. 為什麼會出現FTD？
由于交割要求（规则204）的豁免，授权参与者（AP）和/或市场做市商在T+3结算时间之外，可以合法延迟交割三天（称为T+6），从而合法地造成额外的FTD。此外，规则2043规定，如果FTD是由某人出售其拥有并计划尽快交割的证券所致，可延长至35个自然日（称为T+35）。
3. 什麼是豁免？
这些豁免引发了对滥用T+d规则及其对金融市场影响的担忧。2016年，金融业监管局（FINRA）和纳斯达克因Wedbush Securities代表客户提交‘裸’ETF赎回订单而对其进行了罚款，突显了不道德的卖空活动可能性。
4. ETF如何建立倉位及什麼是贖回？
ETF 份額的創建過程涉及以適當的權重購買所有標的證券，以達到創建單位規模（每個創建單位 25,000 股至 600,000 股）。创建后，AP将证券交付给ETF发起人，ETF发起人将证券打包成ETF并交付给AP。新创建的股票随后被引入二级市场。赎回是相反的过程，但AP在此过程中可以选择购买ETF股票而不赎回基础证券，持有ETF股票可能存在库存风险。
5. ETF與裸空的關係？
未交收也与裸卖空有关。裸卖空是指交易参与者在没有拥有或借入股票的情况下卖出股票。如果在T+3日期后没有弥补交易，就会产生FTD。
原文：
1. 什麼是FTD？
Failures to deliver (FTD) form in markets when one party in a trading contract fails to deliver on their obligation.
2. 為什麼會出現FTD？
Due to the exclusive exception provided by the delivery requirement (Rule 204), an authorised participant (AP) and/or market maker in the stock market can legally delay delivery of shares for three additional trading days (referred to as T+6) beyond the standard T+3 clearing time, thus lawfully creating extra FTDs. In other words, the AP has the option to sell short ETF shares and then fail to deliver them at the settlement date. Additionally, Rule 2043 provides an extended period of up to 35 calendar days (referred to as T+35) to close out certain FTDs if an FTD position results from the sale of a security that a person is deemed to own and that such person intends to deliver as soon as all restrictions on delivery have been removed (SEC, 2015).
3. 什麼是豁免？
These exemptions have raised concerns about abuse of these T+d rules and its implications for financial markets. The possibility of unethical short-selling activities was highlighted by the action of the Financial Industry Regulatory Authority (FINRA) and Nasdaq in 2016 in fining Wedbush Securities, an ETF AP, for submitting ‘naked’ ETF redemption orders on behalf of broker/dealer clients.
4. ETF如何建立倉位及什麼是贖回？
The creation process of ETF shares involves the buying of all the underlying securities in their appropriate weightings to reach creation unit size (ranging from 25,000 to 600,000 shares per creation unit). After creation, the AP delivers the securities to the ETF sponsor6 , and in return the ETF sponsor bundles the securities into the ETF wrapper and delivers the ETF shares to the AP. The newly created shares are then introduced to the secondary market. Redemption is the reverse process, which involves ‘unwrapping’ ETF units back into the individual securities and selling them on the market. However, the AP has a choice in this redemption process to purchase ETF shares without redeeming them for the underlying securities. In this option, cumulating shares of ETF pose an inventory risk.
5. ETF與裸空的關係？
FTDs are also associated with naked short selling. The term ‘naked short selling’ is used to describe a situation where a trading participant sells a share without owning or borrowing it (Putninš, 2009). In the case of naked short selling, an FTD occurs if such a trade is not covered by the T+3 date, i.e., the owner of the short position did not own or borrow the stock after that date.
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