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

Rohan Arora (), Sébastien Betermier, Guillaume Ouellet Leblanc (), Adriano Palumbo and Ryan Shotlander

No 2020-27, Staff Analytical Notes from Bank of Canada

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.

Keywords: Coronavirus disease (COVID-19); Financial markets; Financial stability (search for similar items in EconPapers)
JEL-codes: G1 G2 G20 G23 (search for similar items in EconPapers)
Date: 2020-11
New Economics Papers: this item is included in nep-fmk
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Handle: RePEc:bca:bocsan:20-27