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Financial Regulation and Liquidity Risk Management

In: Market Liquidity Risk

Author

Listed:
  • Andria Merwe

Abstract

The celebrated author Peter Bernstein explained in his book Capital Ideas: The Improbable Origins of Modern Wall Street, “Without the stock market, the market for corporate ownership would be like the market for houses. Agents have to advertise or use some cumbersome method of finding the other side of the deal. Real estate agents earn commissions of 6% or more, while the commission on a typical stock transaction is less than 1%. After the house has been sold, only the principles and their close friends know what the price was.”1 The increased marketability of financial instruments and the transferability of risks have been one of the major features of the modernization of the financial system and our increased reliance on a liquid market for smooth operation of the financial system.

Suggested Citation

  • Andria Merwe, 2015. "Financial Regulation and Liquidity Risk Management," Palgrave Macmillan Books, in: Market Liquidity Risk, chapter 6, pages 143-162, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38923-7_6
    DOI: 10.1057/9781137389237_6
    as

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