Gapping down

摘要

Isuppose it must have been about six months or so ago that the issue of "liquidity mismatch" first came to broader attention. How could any fund - in particular any corporate bond fund - offer daily liquidity if the underlying assets were not liquid enough to be able to be traded in the market in size or at fair value? Most of us market participants knew exactly what the issue was and what it felt like to ask for a bid in an issue in, say, US$10,000,000, only to be told that "I'm not axed to bid" or "I'll bid for the US$1,263,000 which I'm short of and I will be happy to take an order on the rest".