Reggie Browne Talks ETFs, Mutual Fund Conversions and Bitcoin

Reginald Browne, a principal at the trading firm GTS, is a market maker who’s played a key role in developing the $7 trillion exchange-traded fund industry. ETFs need exchange-registered traders like Browne to ensure there’s liquidity for their shares so investors get the prices they expect.

There have been a lot of attempts to launch a U.S. ETF that invests directly in Bitcoin, but regulators have rebuffed them. What do you make of them?

To trade an actual Bitcoin, it’s pretty expensive, and no one understands the implicit costs that you’re paying. The ETF community does a ...