The document discusses the decline in market liquidity and changing market structure since the Global Financial Crisis (GFC). It highlights the reduction in traditional trading levels and market makers' inventory levels, with fixed income markets being particularly vulnerable. The document includes data on fund flows into various asset classes and discusses potential risks if yield environments change and central banks reverse their purchases.
doj/DataSet10/EFTA01384480.pdf
{"title":"Long-Term Asset Return Study: The Next Financial Crisis","document_date":"2017-09-18","document_type":"other","key_organizations":["Deutsche Bank"]}