{"id":134399,"date":"2022-04-22T09:34:59","date_gmt":"2022-04-22T13:34:59","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=134399"},"modified":"2022-11-21T09:53:48","modified_gmt":"2022-11-21T14:53:48","slug":"can-market-maker-capital-constraints-result-in-mispricing-of-etfs","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/","title":{"rendered":"Can Market Maker Capital Constraints Result in Mispricing of ETFs?"},"content":{"rendered":"\n<p><em>The post &#8220;Can Market Maker Capital Constraints Result in Mispricing of ETFs?&#8221; first appeared on <a href=\"https:\/\/alphaarchitect.com\/2022\/04\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/\">Alpha Architect Blog<\/a>.<\/em><\/p>\n\n\n\n<p><strong><em>Excerpt<\/em><\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-financial-intermediaries-and-contagion-in-market-efficiency-the-case-of-etfs\">Financial intermediaries and contagion in market efficiency:<br>The case of ETFs<\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>Claire Yurong Hong, Frank Weikai Li, Avanidhar Subrahmanyam<\/li><li>SSRN Working Paper<\/li><li>A version of this paper can be found&nbsp;<a href=\"https:\/\/papers.ssrn.com\/sol3\/papers.cfm?abstract_id=4062962\" target=\"_blank\" rel=\"noreferrer noopener\">here<\/a><\/li><li>Want to read our summaries of academic finance papers? Check out our&nbsp;<a href=\"https:\/\/alphaarchitect.com\/category\/architect-academic-insights\/academic-research-insight\" target=\"_blank\" rel=\"noreferrer noopener\">Academic Research Insight&nbsp;<\/a>category<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">What are the Research Questions?<\/h2>\n\n\n\n<p>In this research, the authors explore the role of financial intermediaries in contagion or comovements in pricing efficiency.&nbsp; Specifically,&nbsp;<a href=\"https:\/\/alphaarchitect.com\/2014\/12\/trading-etfs-in-the-secondary-market\/\" target=\"_blank\" rel=\"noreferrer noopener\">lead market makers&nbsp;<\/a>(LMMs) like Goldman Sachs, Cantor Fitzgerald, RBC Capital Markets, and others, have funding constraints that may influence their ability to accurately price ETFs and cause contagion in the pricing of financial assets.&nbsp; The market for&nbsp;<a href=\"https:\/\/alphaarchitect.com\/2020\/06\/etf-prenuers-an-introduction-to-etf-white-label-services\/\" target=\"_blank\" rel=\"noreferrer noopener\">ETFs&nbsp;<\/a>provides an attractive laboratory to test this hypothesis because of the wide diversity and high use of the product. The following questions were analyzed using the universe of ETFs listed on US exchanges over the period from 2012 to 2020.<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>Why use ETFs to study this proposition?<\/li><li>Do capital constraints influence pricing efficiency across financial assets?<\/li><li>What about spillover effects?<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">&nbsp;What are the Academic Insights?<\/h2>\n\n\n\n<ol class=\"wp-block-list\"><li>The ETF market is appropriate for this topic for a number of reasons. The market for ETFs allows the identification of capital constraints that are specific to the ETF as separate from aggregate funding constraints. The authors define the capital constraint specific to LMMs as that contributed by the creation and redemption pressures for maintaining the ETF. This is an important feature when financial intermediaries are marginal investors, as any constraints that are specific to the intermediary will exert a larger impact on prices. &nbsp;Further, unlike other financial assets, the price of ETFs is clearly defined as the exact replication of the prices of the underlying assets.&nbsp; Finally, the size of the ETF market makes it economically significant, therefore questions of efficiency or inefficiency are of interest.<\/li><li>YES. Using the market conditions surrounding the COVID-19 sell-off to test the main hypothesis, confirming results are documented in Table 8 below. During the period, from January to June 2020, unparalleled levels of pricing gaps occurred where ETFs were mainly priced at a discount. This was true, especially for fixed income(FI), which is the class of ETFs tested here.&nbsp;Note the coefficient on the interaction between FI weight and Covid is 9.35 (t=2.88).&nbsp; How should one interpret this outcome?&nbsp; The authors explain the economic significance: \u201ca non-FI ETF managed by an LMM with a 75% weight in FI ETFs exhibited a premium 4.68 bps greater than ETFs managed by an LMM with only a 25% weight in FI ETFs.\u201d Apparently, the negative impact of Covid on the FI ETF market leads to larger ETF gaps, 4.68 bps in this case.<\/li><li>YES, if they share common financial intermediaries. Here\u2019s how it works:&nbsp; LMMs are obligated to maintain the \u201cLaw of One Price\u201d, that is, the replication of prices of ETFs with the net asset value (NAV) &nbsp;of the underlying assets. When prices diverge in the direction of either a premium or discount, between the ETF price and its NAV, LMMs take positions designed to arbitrage the divergence.&nbsp; A long position on the relatively underpriced asset is paired with a short position on the relatively overpriced asset. &nbsp;This activity absorbs capital as the LMM directs more funds to the ETF in order to close the pricing gap.&nbsp; The unintended consequence is to make less capital available to other ETFs managed by the same LMM and promote contagion and spillovers.<\/li><\/ol>\n\n\n\n<h2 class=\"wp-block-heading\">Why Does it Matter?<\/h2>\n\n\n\n<p>The question of price contagion across LMMs and the assets they mediate is important as it relates to issues of market efficiency. Of more importance is the impact the contagion may have on investors using ETFs to build portfolios, in order to obtain diversification without much difficulty.&nbsp; However, the contagion documented here may have adverse effects on the benefits of that very same diversification.&nbsp; It should be noted however that the largest impact was on ETFs which held illiquid assets. Imagine the result, if ETF returns are strongly correlated with the returns of other asset classes&nbsp;<em>and&nbsp;<\/em>this occurs during periods when intermediaries have serious constraints on funding. Diversification could be drastically curtailed when the comovements of pricing are strongly correlated.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In this research, the authors explore the role of financial intermediaries in contagion or comovements in pricing efficiency. <\/p>\n","protected":false},"author":300,"featured_media":67374,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[339,338,341,352,344],"tags":[297],"contributors-categories":[13651],"class_list":{"0":"post-134399","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-data-science","8":"category-ibkr-quant-news","9":"category-quant-development","10":"category-quant-north-america","11":"category-quant-regions","12":"tag-etfs","13":"contributors-categories-alpha-architect"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Can Market Maker Capital Constraints Result in Mispricing of ETFs?<\/title>\n<meta name=\"description\" content=\"In this research, the authors explore the role of financial intermediaries in contagion or comovements in pricing efficiency.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/134399\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Can Market Maker Capital Constraints Result in Mispricing of ETFs? | IBKR Quant Blog\" \/>\n<meta property=\"og:description\" content=\"In this research, the authors explore the role of financial intermediaries in contagion or comovements in pricing efficiency.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-22T13:34:59+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-21T14:53:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/11\/binary-background-abstract.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"900\" \/>\n\t<meta property=\"og:image:height\" content=\"550\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tommi Johnsen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tommi Johnsen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Tommi Johnsen\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/1a3c54748076ef6f9ced0fc292967f6e\"\n\t            },\n\t            \"headline\": \"Can Market Maker Capital Constraints Result in Mispricing of ETFs?\",\n\t            \"datePublished\": \"2022-04-22T13:34:59+00:00\",\n\t            \"dateModified\": \"2022-11-21T14:53:48+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\\\/\"\n\t            },\n\t            \"wordCount\": 740,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/11\\\/binary-background-abstract.jpg\",\n\t            \"keywords\": [\n\t                \"ETFs\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"Data Science\",\n\t                \"Quant\",\n\t                \"Quant Development\",\n\t                \"Quant North America\",\n\t                \"Quant Regions\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\\\/\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\\\/\",\n\t            \"name\": \"Can Market Maker Capital Constraints Result in Mispricing of ETFs? | IBKR Quant Blog\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/11\\\/binary-background-abstract.jpg\",\n\t            \"datePublished\": \"2022-04-22T13:34:59+00:00\",\n\t            \"dateModified\": \"2022-11-21T14:53:48+00:00\",\n\t            \"description\": \"In this research, the authors explore the role of financial intermediaries in contagion or comovements in pricing efficiency.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/ibkr-quant-news\\\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/11\\\/binary-background-abstract.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2020\\\/11\\\/binary-background-abstract.jpg\",\n\t            \"width\": 900,\n\t            \"height\": 550,\n\t            \"caption\": \"Quant\"\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/1a3c54748076ef6f9ced0fc292967f6e\",\n\t            \"name\": \"Tommi Johnsen\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/tommijohnsen\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Can Market Maker Capital Constraints Result in Mispricing of ETFs?","description":"In this research, the authors explore the role of financial intermediaries in contagion or comovements in pricing efficiency.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/134399\/","og_locale":"en_US","og_type":"article","og_title":"Can Market Maker Capital Constraints Result in Mispricing of ETFs? | IBKR Quant Blog","og_description":"In this research, the authors explore the role of financial intermediaries in contagion or comovements in pricing efficiency.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/","og_site_name":"IBKR Campus US","article_published_time":"2022-04-22T13:34:59+00:00","article_modified_time":"2022-11-21T14:53:48+00:00","og_image":[{"width":900,"height":550,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/11\/binary-background-abstract.jpg","type":"image\/jpeg"}],"author":"Tommi Johnsen","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tommi Johnsen","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/#article","isPartOf":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/"},"author":{"name":"Tommi Johnsen","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/1a3c54748076ef6f9ced0fc292967f6e"},"headline":"Can Market Maker Capital Constraints Result in Mispricing of ETFs?","datePublished":"2022-04-22T13:34:59+00:00","dateModified":"2022-11-21T14:53:48+00:00","mainEntityOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/"},"wordCount":740,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/11\/binary-background-abstract.jpg","keywords":["ETFs"],"articleSection":["Data Science","Quant","Quant Development","Quant North America","Quant Regions"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/","url":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/","name":"Can Market Maker Capital Constraints Result in Mispricing of ETFs? | IBKR Quant Blog","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/#primaryimage"},"image":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/11\/binary-background-abstract.jpg","datePublished":"2022-04-22T13:34:59+00:00","dateModified":"2022-11-21T14:53:48+00:00","description":"In this research, the authors explore the role of financial intermediaries in contagion or comovements in pricing efficiency.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.interactivebrokers.com\/campus\/ibkr-quant-news\/can-market-maker-capital-constraints-result-in-mispricing-of-etfs\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/11\/binary-background-abstract.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/11\/binary-background-abstract.jpg","width":900,"height":550,"caption":"Quant"},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/1a3c54748076ef6f9ced0fc292967f6e","name":"Tommi Johnsen","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/tommijohnsen\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2020\/11\/binary-background-abstract.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/134399","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/300"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=134399"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/134399\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/67374"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=134399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=134399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=134399"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=134399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}