19 These ETPs formed part of a larger “short vol” trade, which before early February some estimates put as high as $ trillion, and which allowed retail investors to access complex and leveraged trading strategies that were typically done only by sophisticated investors. See Box 3 in the Bank of Canada Financial System Review (November 2017): 14.
20 See Box A in Bank for International Settlements, “International Banking and Financial Market Developments,” BIS Quarterly Review (March 2018). 21 For more information, see CSA Staff Notice 46-307 Cryptocurrency Offerings (August 24, 2017). See also Committee on Payments and Market Infrastructures Markets Committee, “Central Bank Digital Currencies,” Bank for International Settlements (March 2018). 22 For more information, see the G20’s March 20 communiqué.