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BlackRock welcomes the opportunity to provide comments to IOSCO’s consultation papers on market liquidity issues affecting corporate bond markets under stress and good practices concerning Exchange Traded Funds (ETFs).Since IOSCO first issued its ETF Guidelines in 2013, ETF adoption has grown over 3.5 times with global assets under management currently at $8.7 trillion.In the meantime, fixed income markets have undergone significant structural changes since the Global Financial Crisis of 2008 (GFC).This paper recognizes the evolution of ETF product and market structure, the evolution of broader fixed income markets, and potential areas of vulnerability during times of market stress, particularly
as Central Bank policy normalizes after years of historically low interest rates.
Publication date:
Jul 8, 2022
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Publication