The highly-anticipated launch of three crypto-focused exchange-traded funds (ETFs) 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 10am 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 is yet to approve the products due to a hold-up in appointing a market maker for the product’s launch, according to AFR.
ETF Securities head of Distribution, Kanish Chugh, claimed that the delay is “no fault whatsoever of ETF Securities or the exchange”, adding that 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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