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Article

Market Liquidity: Don’t Know What You’ve Got ‘Til
It’s Gone

Robert A. Jaeger
Trading Spring 2011, 2011 (1) 14-18
Robert A. Jaeger
is senior investment strategist in the Investment Strategy and Solutions Group at BNY Mellon Asset Management in Boston, MA.
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Abstract

The author discusses the lessons the global financial crisis taught about the precious but fragile liquidity of capital markets. Debunking myths about long-term investors’ liquidity needs and the role of hedge funds and high-frequency traders in supplying liquidity, the author argues that the most important source of liquidity is unleveraged contrarian investors who are willing to take the other side of a trade. He warns that the growing homogenization and concentration of market participants may be endangering the investor diversity and robust market infrastructure needed to preserve reliable sources of liquidity.

  • Copyright © 2011 The Bank of New York Mellon Corporation. All rights reserved. Not to be reproduced of redistributed without permission.
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Trading: 2011 (1)
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Vol. 2011, Issue 1
Spring 2011
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Market Liquidity: Don’t Know What You’ve Got ‘Til
It’s Gone
Robert A. Jaeger
Trading Mar 2011, 2011 (1) 14-18;

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Market Liquidity: Don’t Know What You’ve Got ‘Til
It’s Gone
Robert A. Jaeger
Trading Mar 2011, 2011 (1) 14-18;
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  • Article
    • Abstract
    • LIQUIDITY AND THE LONG-TERM INVESTOR
    • LIQUIDITY AND THE SHORT-TERM INVESTOR: HIGH-FREQUENCY TRADING
    • LIQUIDITY AND THE SHORT-TERM INVESTOR: HEDGE FUNDS
    • LIQUIDITY AND INVESTOR DIVERSITY
    • LIQUIDITY COMES AND GOES
    • CONCLUSION
    • DISCLOSURES
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