With 1,304 funds and €215 billion assets under management, Exchange Traded Funds (ETFs) listed in Europe are a major element of the European fund management industry. However, some feel that European ETFs are hindered by a lack of liquidity as compared to their counterparts in the US ETF market, and that European ETFs could be even more robust if they followed the US model of employing greater levels of securities finance and collateral management. A white paper released on September 18, 2012, "ETFs, Securities Finance and Collateral," looks at ETFs in Europe and the reasons for their relative lack of activity in the securities finance world. In their paper, Roy Zimmerhansl of FinTuition and Andrew Howieson of Howieson Consulting examine European ETFs relative underdevelopment of securities lending and collateral management relevant to European ETF shares. The authors also make a series of recommendations for co-ordinated changes at both individual firm and market levels required to promote development of an active securities lending market in European ETFs, driving improved liquidity in ETF trading and better risk management.