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TIL more than 50% of create/redeem activity in ETF primary markets comes from four banks. ETFs are an inherently good thing, but let's not kid ourselves about who we're trusting to make the system work...pic.twitter.com/uschUyeIsN
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Thanks. Twitter will use this to make your timeline better. UndoUndo
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Interesting - surely there's more recent data than Oct 2019 though?
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The data is based on an aggregation of N-CEN reports from 2019 - they're annually filed I believe around March. 2020's wouldn't be out yet (I'm looking at
$SPY as an example): https://sec.report/Document/0001752724-20-048815/ …pic.twitter.com/EUS4Kac4iI
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My tone comes from reading papers like this: https://poseidon01.ssrn.com/delivery.php?ID=262102004111027068003117018029089106116003041088086064113092070094031120110117017006000106044041050001050120121065069071070095000040001010006119018102020114127102103088073005083098025076080096070085004089087126084113118119071077112093108000022024024111&EXT=pdf&INDEX=TRUE … and articles like this: https://www.advisorperspectives.com/articles/2020/03/16/fixed-income-etfs-are-trapped-in-bond-markets-liquidity-crunch … The innovations that rely on "selective liquidity" are likely to teeter during a crisis, leaving the Fed as the only backstop.
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