The document discusses the potential impact of changes in the trading environment on market liquidity, particularly in the fixed income sector. It highlights past events like the 'taper tantrum' and the energy/oil US credit sell-off as tests of market liquidity. The document also examines the growth of ETFs and ETPs as traditional liquidity has dried up, noting their significant increase in assets under management and number of products since 2008.
doj/DataSet10/EFTA01384481.pdf
{"title":"Long-Term Asset Return Study: The Next Financial Crisis","document_date":"2017-09-18","document_type":"tabular","key_organizations":["Deutsche Bank","NY Fed","Bloomberg Finance LP"],"reference_numbers":["DB-SDNY-0084712","SDNY_GM_00230896","EFTA01384481"]}