Financial markets
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What cured the TSX Equity index after COVID-19?
The TSX index rose by 9.5 percent in November 2020, adding large gains to an already sharp V-shaped recovery. The economic outlook improved at that time as well. We ask whether the stock market gains since last autumn are due to improving forecasts of firms’ earnings. -
March 23, 2021
Supporting markets in tough times
Deputy Governor Toni Gravelle talks about actions the Bank of Canada took to make sure financial markets could work smoothly during the COVID-19 pandemic. He also discusses the Bank’s plans to discontinue some programs. -
Non-bank financial intermediation in Canada: a pulse check
The Canadian non-bank financial intermediation (NBFI) sector saw strong growth in 2018 and 2019. In 2020, COVID‑19 caused a financial shock. We provide a preliminary analysis on the impact of COVID‑19 on the sector as well as an update on its growth. -
March 23, 2021
Market stress relief: the role of the Bank of Canada’s balance sheet
Deputy Governor Toni Gravelle discusses actions taken by the Bank of Canada to respond to market-wide stresses during the COVID-19 pandemic and the Bank’s role as lender of last resort in the financial system. -
COVID-19 Crisis: Lessons Learned for Future Policy Research
One year later, we review the events that took place in Canadian fixed-income markets at the beginning of the COVID-19 crisis and propose potential policy research questions for future work. -
Strategic Uncertainty in Financial Markets: Evidence from a Consensus Pricing Service
We look at the informational content of consensus pricing in opaque over-the-counter markets. We show that the availability of price data informs participants mainly about other participants’ valuations, rather than about the value of a financial security. -
November 23, 2020
Taking the pulse of Canada’s financial system
Deputy Governor Toni Gravelle discusses how the Bank of Canada is carefully monitoring our financial system as the economy recovers from the COVID‑19 pandemic. -
November 23, 2020
Financial stability and the COVID-19 pandemic
Deputy Governor Toni Gravelle provides an assessment of risks to the stability of the Canadian financial system, including risks stemming from the COVID-19 pandemic. -
Concentration in the market of authorized participants of US fixed-income exchange-traded funds
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.