Batten down the hatches. Can you feel the storm coming? Did you hear the warning from the Cap’n? Andrew Bailey, Chief Executive of the Financial Conduct Authority couldn’t be clearer in his speech last week:
‘our job is to be watchful to the build-up of risks and vulnerabilities in the system… The secondary market liquidity of ETF shares is dependent on market makers and authorised participants… We know relatively little… about the capacity and willingness of APs to execute their function . . .