Institutional investors are increasing volatility in the corporate bond market by aggressively trading exchange traded funds, according to analysis from the IMF.
This heightened volatility is particularly stark at times of market stress, when instability is most likely to bleed into real-world effects for corporate borrowers and the investors in their debt.
The research feeds into a mounting debate among academics and researchers on the impact of ETFs on financial markets. The debate has become ever more urgent especially as ETFs have ballooned to $15tn in assets, a fivefold increase in a decade and far ahead of the $4.5tn held in hedge funds.
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