The rapid growth and innovation in the market for Exchange Traded Funds (“ETF”) is a development that the Financial Stability Board (“FSB”) believes warrants increased attention by regulatory and supervisory authorities, as well as by the ETF industry, including providers, market makers and investors. Accordingly, the FSB has published a note which highlighted a number of recent developments that call for such attention. In particular the FSB noted that while ETFs bring a number of benefits to investors and market participants, including easier access to specific asset classes or risk exposures, they may also generate new types of risk, linked to the complexity and relative opacity of the newest breed of ETFs. The FSB believes that the impact of such innovations on market liquidity and on financial institutions servicing the management of the fund is not yet fully understood by market participants, especially during episodes of acute market stress.