“While such changes have greatly reduced the need for equity capital, and are thus efficiency-enhancing, the same was also true about leverage and structured products during the run-up to the financial crisis. While the new ecosystem for providing market liquidity has arguably freed up equity capital for more efficient uses, it has also depleted the pools of capital that will be available for liquidity when the cycle turns.”

Read More Here => http://www.businessinsider.fr/us/stock-market-electronic-trading-impact-on-liquidity-goldman-2018-3

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