"It was about a year ago when, in its inaugural annual report, the Treasury's Office of Financial Research issued its first tentative warning about the lack of market liquidity. To wit: "Impaired trading liquidity — the inability to execute large trades without having a significant impact on market prices — could aggravate some of the threats already discussed... Liquidity has become increasingly concentrated, with large, investment-grade bonds showing the strongest liquidity, while some smaller, high-yield issues have become less liquid... The growth in exchange-traded funds within the corporate bond market increases the potential to weaken market liquidity during periods of market stress."..."
at http://www.zerohedge.com/news/2014-12-04/us-treasury-warns-investors-underestimate-potential-market-reversal-take-low-volatil
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