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The head of the Bank of Canada warns new players in global debt markets aren’t as closely monitored as traditional banks, which could drive new risks in a period rife with uncertainty.
Governor Tiff Macklem is in Toronto today speaking to the Global Risk Institute where he stresses that current economic uncertainty must not spill over into financial market instability.
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Macklem says in his prepared remarks that the United States’ and Israel’s attacks on Iran have increased volatility in financial and energy markets, particularly with a lack of clarity around how long the conflict could last.
The central bank governor points to the rise of non-bank players in debt markets — namely hedge funds buying up sovereign debt and private credit playing a bigger role in lending — as risks warranting more attention.
Macklem says these new models come with plenty of benefit to spread out risk and keep the global financial market humming in normal times, but they haven’t yet been stress tested by periods of widespread economic turbulence.
He warns these private players don’t have the same reporting requirements as traditional banks, and regulators might not be moving quickly enough to track and mitigate emerging risks.
This report by The Canadian Press was first published March 4, 2026.
