Adrian Walton

Senior Economist

Adrian Walton is a Senior Economist in the Financial Markets Department at the Bank of Canada. His research focuses on how the rules and conventions that govern trading in financial assets affect market functioning, specifically in Canadian equity and fixed-income markets. 

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Adrian Walton

Senior Economist
Financial Markets
Market Structure and Regulation

Bank of Canada
234 Wellington Street
Ottawa, ON, K1A 0G9

Latest

Alternative Futures for Government of Canada Debt Management

Staff Discussion Paper 2018-15 Corey Garriott, Sophie Lefebvre, Guillaume Nolin, Francisco Rivadeneyra, Adrian Walton
This paper presents four blue-sky ideas for lowering the cost of the Government of Canada’s debt without increasing the debt’s risk profile. We argue that each idea would improve the secondary-market liquidity of government debt, thereby increasing the demand for government bonds and thus lowering their cost at issuance.
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Debt Management, Financial markets, Market structure and pricing JEL Code(s): G, G1, G12, G2, G24, H, H6, H63

Speed Segmentation on Exchanges: Competition for Slow Flow

Staff Working Paper 2018-3 Lisa Anderson, Emad Andrews, Baiju Devani, Michael Mueller, Adrian Walton
In 2015, TSX Alpha, a Canadian stock exchange, implemented a speed bump for marketable orders and an inverted fee structure as part of a redesign. We find no evidence that this redesign impacted market-wide measures of trading costs or contributed appreciably to segmenting retail order flow away from other Canadian venues with a maker-taker fee structure.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, Market structure and pricing JEL Code(s): G, G1, G14, G2, G24

What Drives Episodes of Settlement Fails in the Government of Canada Bond Market?

Staff Working Paper 2017-54 Jean-Sébastien Fontaine, James Pinnington, Adrian Walton
We study settlement fails for trades in the Government of Canada bond market. We find that settlement fails do not occur independently. Using a novel and comprehensive dataset, we examine three drivers of fails.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, Market structure and pricing, Payment clearing and settlement systems JEL Code(s): E, E4, G, G1, G2, G21, L, L1

Repo Market Functioning when the Interest Rate Is Low or Negative

Staff Discussion Paper 2017-3 Jean-Sébastien Fontaine, James Hately, Adrian Walton
This paper investigates how a low or negative overnight interest rate might affect the Canadian repo markets. The main conclusion is that the repo market for general collateral will continue to function effectively.
Content Type(s): Staff Research, Staff Discussion Papers Topic(s): Financial markets, Interest rates, Market structure and pricing JEL Code(s): D, D4, G, G1, G10, G12

Retail Order Flow Segmentation

Staff Working Paper 2016-20 Corey Garriott, Adrian Walton
In August 2012, the New York Stock Exchange launched the Retail Liquidity Program (RLP), a trading facility that enables participating organizations to quote dark limit orders executable only by retail traders.
Content Type(s): Staff Research, Staff Working Papers Topic(s): Financial markets, Financial system regulation and policies, Market structure and pricing JEL Code(s): G, G1, G14, G2, G20, L, L1, L10

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Education

  • Ph.D. University of Western Ontario 2017
  • M.Sc. University of Western Ontario 2010
  • B.Sc. McGill University 2009

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