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Open Trading Liquidity Provision in Stressed Markets – MarketAxess

Full Article: MarketAxess

Disclosed dealers provide the vast majority of liquidity in global corporate bond markets. Under difficult market conditions, though, a Request-for-Quote (RFQ) might receive few or perhaps no responses from disclosed dealers. There are any number of reasons for this including risk limits, shift to manual trading and/or potentially reduced efficiency as employees and traders are working remotely.

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