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Concentration in the market of authorized participants of US fixed-income exchange-traded funds

Author

Listed:
  • Rohan Arora
  • Sébastien Betermier
  • Guillaume Ouellet Leblanc
  • Adriano Palumbo
  • Ryan Shotlander

Abstract

We show that a small number of authorized participants (APs) actively create and redeem shares of US-listed fixed-income exchange-traded funds (FI-ETFs). In 2019, three APs performed 82 percent of gross creations and redemptions of FI-ETF shares. In contrast, the group of active APs for equity ETFs was much more diverse.

Suggested Citation

  • Rohan Arora & Sébastien Betermier & Guillaume Ouellet Leblanc & Adriano Palumbo & Ryan Shotlander, 2020. "Concentration in the market of authorized participants of US fixed-income exchange-traded funds," Staff Analytical Notes 2020-27, Bank of Canada.
  • Handle: RePEc:bca:bocsan:20-27
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    File URL: https://www.bankofcanada.ca/2020/11/staff-analytical-note-2020-27/
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    More about this item

    Keywords

    Coronavirus disease (COVID-19); Financial markets; Financial stability;
    All these keywords.

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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