Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. You could sustain a loss of some or all of your initial investment and should not invest money that you cannot afford to lose. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.

Authorized participant definition

An authorized participant (AP) is a recognized body that has a relationship with an ETF provider to create or redeem exchange traded funds (ETFs). Most APs are market makers or large investment houses.

An authorized participant has the ability to approach an ETF provider with either:

  • The exact number of securities which the ETF provider uses to make an ETF, which the AP will exchange for the ETF itself
  • An ETF, which the AP will exchange for the underlying securities which make up the ETF.

Typically, these exchanges are done in blocks referred to as creation units.

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