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I8KVmKaYl6sd9OO9sCp5kXYSaskD1zZDZZzOB\/MWbuf8uag8DcaGTmr+qGY5yAmoGIHvboA0aL6UiHvqP46gjzVlLYuQ8VWn6bMmoOwC71yGT9qnspunNqs070y4kv1E+wgEMIuEYkVMh8eBJtFYF+tcl9aGYPtSwU0xkxZ7tsC9HUqByzPWQo7hr99TCzbj2a0zuG7fzdXUJKVUDKkCb\/HfkQFZE3QHiR9QV42lcGK25oljzSeAps+T+M5Q4MUtXmi74qdwhcKbmIEq9cRzDzMuVQy2fWDgBefcpvexDaqN\/PhoXrTbBks2joH31fNnlHpuI1bGaCAbXxHFaSQN40LB\/hV1IRMVs9A7hhScS6vuKAUARPDhDWXlSBhgwmbUSZvIMF3xUY8rZPPZUUZ46x3sqo6Z6J0Lp\/sZlb115nAQ+cVD51XPHQub3RuTylLZKZdqsRkO2BWisKMgqQl5Ds5oB9kTrpFZA9vYUZavNtyxqwKteJbpOTWglUV+kmV1JtnMP33VkjQgIh\/AHjKsjxOmVjxnH439zfd73fb494aqU0QNlozxhp\/1p3\/k9s4BLZgUeygrcwV\/+RFdsfcL8dtGW1BWBUvceH2UPG4ASb7oBB8DOM49\/xodh1Z04A5nAYw2UmtJWoM4kvZJi9BQXgJ2sFLeaWO6k94Wyt9tKEEVkQO7OjqRWTkA7F7qMHhoXHl8fDmrIsWsL\/0h\/dnZWhpt2ddFk90+tM7UPW9NGIWxFMruETDsHx20q6CpvYdILXcbY2fJ+00Jz\/vVgVIr+YS7VOPu4zJu3WcdevgBTleYVaAozebgidVCC75Fulk77aG52hPrf+3VSMgY\/TFBp5WtwJShf4v35FzIEwp+1awLL+M\/BDMq9FrsIiIBWstjI5sRX6IdIO\/itL3C\/LzwV+eNFJnthWAgTpk9JfJLztAvxroEubOR3GRU4HDmr9Wxrv1viJw5qT1LRv\/cve5Z790CW5jtPtF5oZrvl86No6IvgGxkYCCSYLaPoQ2nvr9yBy1yRLIGcCduIKZ0A8yiOJiIJEpvWOiqiqHCdg2OurXdJBIetMDLiH4rhgyaRuyrksbFacXVJ18FCXZ9VfMEadEkbTupyqBXDUPBRjdmknbNauOd7g2iPKW0PGV8FmFlzt83PxoHpuCjIFWMQetL5JXZA3WBa7hRfKGqMQB9fCfOA4fHs64Jpf+iJfowEmgQ20rGePSNGeMU\/pGhA+dKxyoYW8G0W5r5B40gUPI2+iMiduVNgXjtxhwq8E9WWtTQzVHYsINB\/dkU3YatXFonGM9raXXJ+dAkVmU\/zUKZBBBSZ3w9yiQ8zjpMP5PrHeo4MiJb88n\/IHD\/FBZmJsSG9ZTxyaR7PjhUNCEYST7jiYIlRXjanLV5FxVOVcUBYLkGaVTnNtI2loyqhwi1kOgDiKEViJU7LHJho2Ff6pcv2IFEVYUQEW5n1zmYkAieJPKpgLfYZ\/8BPTr+li1SLM4pdFESGIfZUhNENohfkVkXxuRXGXfOCbFGUAP0QXoXXc858pK8iKFBdaASpV\/50baVibJD9N\/mZ3Lc7bOxGskakElXFNKVWl7SbeJhvUT2wq17UrLcPlm8rokoKpW3hRcF22LjutZuDYCQzFBAYI31TR1qNKPbE\/DPe2tkzhHg8FoWlsNRlO0nmy0TN6Q0Hc0AwGGUzSwjIkIQMMppx9m1Q0gRd0d962zLDmCfFfsI+4RIgMYxWXd9ce4uZSx5zityaPBwhATHOwG31QTTq46o8Rthfo77idU4nV+oPVGvJRD34E8\/gJZsN8tJl7Km8H9YWvCUkjdj92tXOlsoNgD7fiC27iumO\/mT0hNvuB+rlvi2\/oTEJSatuAS7hB2tAIr5uhSRttODp8q\/1TNniTtssofr7L6XhxJ20u0alTi1a5zA7IrJ7VmzTEozgIvUmt39ZAuZdsK5dXIZYe\/4Uh4wnqUQ0JnAEALiiCQcCQ1i8JNWU\/4p3XCQO3N48L2GlescsPET0yEwZIAl2HUoXX3u4uKJPRyUvWV7wTdYQHL2UF\/aQGK+uupXT4KbDPsdFw5AOzFDqLlWUPbe51EXRLoTIY8XZwixZq2FEv\/3shr8hSRaYc8cdHFDnx7fh0m+Rok2vZL7LG3VzVfvJS2NeY72e9ZRQufiZFs52nwlq0fHiI5ZLn1lq2lBvmRnKQg7uavmGsVQS7WqhDfwcDfZIcFufU3nCPIRyeaeggP0qKibfXDIwqA5TPPd\/O3bD2BomeaKp\/tLf2lUzqCSSMJPVUOZ1z0CwB\/Q+HhAV+oIG0zJqryCamlnwaFCDCqIb9WkIdPwyo17Js4BBdBxsTbHZDLNI2Xt2DBwWxOlUcJp8ucbpb7ityjhadTZvjjMn8m3QIcfJR8p8CreBk9LjLsF3l6wsuFbDnONaTd+lnOIpaKNS90oGrylaGjxFNAsIEE8u37QEUikPvvg9hWZLNAIF2z8P69\/XO797uNBcyCXr96oktLj0FX3jOyTaws8xesYrv7wZ1pgDtVIB+eqHDO1hyZXxjfYlO2q25cBkFHmbDs\/H+psInjcATaRKspvOztE7tIUxbln6x0xjCaZRcZvCqh3URYpR\/VO+j0iV2BYHGRt\/tnB7LaJ2VtLPwIxsKP7HzaGGU\/orVwyoyPzNyDkgpjLxk\/7HizFyFCg5DQSgrfFFrX+Gto8Jqdv2kavMYG3zDjmpk9fQUbWDFauejcMzAKf5hmLF2wdALnCP2k7sk7nIlx9lzpbL4rrpi0XTE55uDiQioRai+nDXxYaLXDUdFyx+0n7QNJGajUms9IynKPhaxrb69djrymC8QN1p\/iHVt+zaGqU6FWpagUCbLRkoeHRp4BIW8sn0hg4nf9\/GW8euqMCcqiQwDByo0j+BybtYLTSB0oZyUIeN9NVSG1lbmas7Xu8V3npHAzEIOHB1U+liTSOdXrgty3IPVA+6LqWusJq2SjdUp\/kfixRh\/LfB2TJJr1TqRAvPflPH4ZxNN2PQTSFv6UtWSP3xX7JeAZGme9ym9ahflO2nISt6O53kn6HVXKdlk5fmbHUYR6XLmoiNyPCfT34Lo0+ntwLZn+HlSPeO4FbOjnkxC7JHMvUI9q1vs+oooedchMVFGZyNxfSYfO+K7oQzAei\/L3sQOnDZ2vnjOoL5VPsRfc0LWc1GW5FcOtz+qCklSGyt664noqyNZRZWqIKlNDJG9Qosad3pX2\/moiRrgj8c84Uy5+7DaZc\/NB360lBZoDfpgQPqYQRhVSUIV4XJfgkVo\/6\/T4Mx6YTs8Dc9FhdOvq4PSaOk9aOfwnPA2uG18E9iRE44uweOyL4A9sSH\/si8AGdkdmDZsuurKVJczOyQ31yRX1D69hy19dMGl7RZl+Q9ngutLvgGb5o5uKWrHRFbwttRviaVedSV+K0raojmG8RmDP+we9Nh702tzFJt852fAJ7Bpus81JKEok7fR9VWkQBTSz36a27OoUoEPhYG++Mx+V1em6sTrdcKvTdWN1utmxOt221UIL5Iq63PDEH+IN8LEb4ERgxm048FVrLULbErnq6F61fnVNrrh+9V3zkd41C7Udm4vSzxVpPav\/P4ZS6ZGPxlKWzo8k71vcRD8QdOffBQKyf8dJ2uV\/JSStRUlf9USkS7BC1AKSI5Xrn5OPlq14VIlGq32SUUulsNk+877mzHvxiHnfSNtr8aZl3vj9Hebttcy7eIJ5F1JZD7bHtp2fYMc4cT\/BZ+c\/gqumz3fFRY+7LZ7ibosfcreKh6G99zEbk7Zd9nSzw576TgQLqkCsacWtR2N9ce42\/gR0QRaNj05KXWNhEh8eQ9UkjLpGbpICHkNu9fIv4meUFhcxD+w7F9kolQZiPPKlQ7EY+dIQDgLpM6dsnL6dtqN\/9OIcLTmqAq57EdJuHdK+m5p3AnVdiaQ4QohvT89dPa0dI3waQxivlRupSSw5iGZGakq6Y6QmhfARfcHfVLOKszVarxYg98X5qV7UlXlYGThCGSnEOReDMVTaS0BvpsqTB6JFCEaHlNA+ZS3LcchaWxCPrbScJFbecdiyeVtrmhu2ScKuW1VYe0etUZtAWb7u7JKO9eW5OtaXOIFh7S+1NpYAuoR+lWHPcbt1DHP9qBM7beNh9pbXOlLJioaDsGkoo4qenbt6VmPlljpGZo5sMqcLeFmTO3o7uB3OB3OUs89X\/LCIYcW5kZlS691WruidvqRZsz6W1fHfJaPbV+N77TO5v9YiRqbrnGXajBGH2ffoihbj+xULgkx7zYjjz\/w80\/5kZB5qbxlJo5n2DyN2YIWJZjGSFaH2OyOhNWd3afyv9o4R9q2wgmsrzT0IPIWabiBCTvuDkSS\/ie7A0+2Gkci32dtQu2OlvusDblHDECBKB2IOX+PTJIbgMQwyfAMP+AYaLhDham0HccTw4gxMd\/0UiO0XP3DwFWGryMQv8DzI8pRlGWaE1gqS4zTLD2L3wAXKYPJlG0M37uPYzeNEIEcKEeI5lvmYp4zlAlFP2rS7OMvtGMId1bGiVLGUkHEb21bg52uBnLIjHlxp1kGEhiH8Ccf5B8cCUcgxgB8f5PHBiUCOySl8nh5YkXMA\/Fkgp+TFC7Pji+aIOUlxFaRgzICRPAq37jqd57K3kRpThg9iVxs97eOVBK5oGb4Jl0lQ2savQkHDN5vVpHSCD8Wce+Jz2oZ0oq4yrarML6hrpCa6RMHnOX6BK1VVX1p2ql4yQ7CyjOWjGYsRoybdhrHT9e7La1raBoPz4eQyFs16o0qHtE43fFNe1PQi03JyqdVZJI9zLQUeyVI0hTWNkW5QsuxZm4eHenUWPATFa0JQfBwihGUF7RvIOzBD2JAAomgVyslzfadS2jqg3qIKwLbrSNMGVs6SwM9FYSRIukfr2FIbLRPNh2o2IcHrLvUNqaKH57l8WWMorAnOkubypRGaZEW9iSMuCYNAViC2k4W4lBf8SzW5jRBPxtBKJG3XnC6HUlnmYKujW2+jMZKxQCsoRdRMFK0gIB8yRyue8TTi+kGueWTOWKKty5IsfLbMtC2QDz9fPzEBjzhJc+tLh6EoxO4sjTVV9HV3zOt6YcqXxtqUv1FKC2nrDeGClCGtUhdlWbuOzjXhmzAsKh\/T2Chgh5CFZhNbM3joMgYx86jlE8E0CpMswDVN84bCQbW+DoRh6yZgE\/S+LCI\/z4SycawFgKmVZuI2skKmCRUuBLKEOzniZaYx4moKvL7R1FMysxJNHZNQM46B7pDxMXl+ZhJr5We32FnhsxUUjFQNkdzPA6YJd3Gau3HgxwcLyD6Yrg+qzXaAcc8HAVuwAPpFQitP\/dWerYdTLXsb4kOIDiMF4ptftnLKL1vxOf4MQyGKSTp\/TU6GOHBnYlg7hTAL4HppnIwc0SOpZBoL0ZMXEuAeZmpfjmoOqScvyvq6m0c9ggS+bI74erFbzdkmvsFg6rgbdCUu4ChhpU5ORu0H9EGAQ3S9M3HAn+qJ42gTSLDUnh8Tm\/\/1tCOF5HGijY\/5ZBon5JgckTFRiWLKoZWIj69agdWXCsOwWn3CRztO2YEwDMsS4vaCTHN3SpJlt6wtDJdV2dBQTCgFO7MzMKh+Z2ia3UtSTe7oUy2fS1zQsGo8a2OlzkGGfQJOVa0nvC7AZkGHZmO3eIiob4QmCFAZBnpMGkvLCVGHnQjdY\/nFixcDADm0JUlTyC09GYW15mRrYFud3F7Q44ngCcNMEzL8y+8qAGsPh8B4COHgP6uXz3tbECoG3x1BIHO21gRvoQnD26EwAoT50VzLsGp+eUE9\/qSdgNuhQKrxCkPXWMLClPP4Nl6Cm0TGRGkoPHBUPQhD3osH3I4Pe7rREgN0S8\/BdfBHu27niiOeB+T00X4qaJtpMJPw\/VWYxKZ8D5F1h2CGVNXD8xPOG9BFy9sYoXmBz7Upbdc0LEu\/po6APKRxGhBJG0XHbaRtc82TI5KFVhBonpwDuoShJ89LsoDMFgWevCCKRLKFBpuXfIPc2PDkb0hnEz8I6s+xyaG+lSTDOjhvtLGwXZKptp1aqWYfnhBbs\/nSOBbgbTyBmyU0uHICAjy2uWYZa9jqVQeFrJrWapA4DZ3NjRNS725O0YV6S+IkH6RsBjprerD0c2+HnsLW4HtFgD1bhFGmGRxzUb8aoSQ8fdGk45oRSFSE3B+lAvjWALyDNpqCbb9wpT4uOG0ABALYwuBrCGKojv8qsGUDxqXjqv+lyWmXD8vUj2Da93NqWGF81WUsAA232ec+OTpVJOLR8Rg4dQFGQuodjkenJKSycnZCllQQyErnmlFT\/WVtiBSEZq3eUEW\/OW84yA3qaddDKt5MhFtBE94JUpftDi+NG3MQElWSU5YEls3EQ3I4IxAcAdcKtKDr0aVxM1SfAK6XxvVQ+Efg91+sKJOjaW0CUPXVBVX01WgkbZdDCvWyQBRAKxXIlpshQkETPLaCO1HwG04BtNUESI3GbUXE0TIRqjVWJph0uGbYILIYyKckNhhsDeippHeasv3UhqteOo0VkV23Na8\/7RXIMWttTdLOlrzdO2huPZtTeygyvA1nxNBXp3MLEkNfnkHnGkRpoKrq0VgZhOSOrkdYUuElIQxXVZWT58eDsNt10LJ7HQ+YhRfNrFTNhjDKNVmNO72d7+stWXdB7p4Y0PcR5sR5jTBb0PhlOV2EHcsnJV9fP1cB3shjr37YdXv9o66TVDvqd\/8R0kAKRJSpY0CXOh6eKDALa1XzRuoY8APPzgCAafaqyPFUaQU1rAH4rCTCiaIchEKv6UflojhnUK4YqQoveUwQamRFtheD\/yGLHKEkwp+RzdLc8qN8rR0Iw2oxP+aknJC2RjtoOlvMxIJ4ZEm2\/NwF6ZWgCZ88xqXuX7OaEDsHaEckB36eHQCPQpqce+wg81cHEZyBTOMCuAnmZvWsufMRXsGJk4f0GU6ULTvP9nLnHsnzQcHnVJ2kcsQZYCrnoNiDXYQcpCyLgwI16TOA8R1uS\/CjHOwA2E+I+gEy3i6IVI5dl8sMIdoYOAMgsZFy5EFL1jQu8p7AU2XX4kYomLsSxElfbrdAHlZNAgIH3DoogIXkRDB7jNEJ4ByxJPPEz74vsHQP2pSdOxE7SoBdCy1rxCea6xxxTVI0\/oYXcPeAP6RreYEO1vK3c\/ApZTylwMcg1HnWBeVxN7wUaHiNqaFiv57f57MHVl6Js8cHcQqWGBTxOtvRB1kFZDVNiN0egnM5j\/OuLEdgH2gWCtHds4Rle9trZWspJUMBXNfMd4bmhV7HmoWcx2jAYjl0cIrBTo97yX6+l3WbIbOifpsjHizIKgn\/cSvFIa9t3GnrpKkwZYu+cJNB31MGiv7jurydHrdLgqMRbh1Ls65EZR14\/syr+5blVs40byJEzAICE8+rNK6IT4R73rAmvIc7rUqzJHHxE9u4VjiErJhqnAZo3d08FA5EdMX1IALPCiQBj7VG8ULoaVmvcREwRzuoRc0dpaurTfSUr330UD64zmwrYQd4HJrJgiZ89Fc5Y9FBtzON8QEOtRxQ2RZcmhRQiKsE2VqOfqRBwMaOI34GvyPmEVYZuHaMWxDyV+X4TmXqaZWQS6MxffmOZEJYEjj7wAVEIOsXKE6Q09r7CkPLuaMACa2k1wVp20ZQ8AuoqpjbI\/lk2LlnU15Ig7F8WskoeIOEfNq5iLOQNyLcxVlNc+X5rKnHpB8azEhBvNoo15C1NcVVMkkfG\/om1VDT2nKnjVRtpJIQrIhxPsG\/TxWBrLbIEm+LrijmCuTKPdreCgjn0uhoeivTRJeGkgvSsKN6pgK4V6emRH+X0k4kczcXZu5vU16M4OV3sI61hyS3VNFvzxub621Nv+c0M25NcofTPjfJJS3kO\/GOz\/QdFxzJNfXFO1JI5IaCpGPDifKcUromX\/EZosj5msbGHWdehyo7GhQ8oofXhXzhNbiEM3nKZn5UncQw2Upt8RLd32FVvSbVBWB3N3BncjdIzuMXmolcQJOVkzq7jma\/9SP2ygKmeESOzN0wsJ3ix1IvIExtA8Ie1QaR+L2guKUxN+EykzEE0H1vNNdPj+YGIpQ8A6wiN6bmydm4O5q2Y1eTsXysfYWbzXYGdDXxZMu2ta8TD6JtNa+6Ka43kF4sHx7yT2CxaV\/5A\/fVxVge8887eXFBn0tbuAFqygLxTs4JjGZ4PTzGEQ2PyRYjnTUeR06AZIHkyZmQdjU5VRTtRFEIjwPmyE5SX7uanChQfwmEAs3MT+zakUrWVGUv\/o\/mcPlOXPJVu6xWbUZ9cUk8aXhEbqnIuJvfoH4ZigX36hvUL4Cd23OaDTIkjbfnazCi3Oo2GFJAjLHP2zvc8TyabyAuANUcyPHDyvYgwLXMNtqjttwoN6850lzOK+OiUVsOOtoGWloazt+THedcdsQDLmBQUNlj0eWu6eYdF11qSlhLMH1GRSrOAopODSlJplmx9DePWJVQ8n9S94acX3YO3619TsCZK0gPD4JAFvQzE4VoxUazYJS5cIkkHGwv4d5H9DRacGeUPTWMUGAQiOBaQTDF2+\/1NlTxWf7fFuxf6v\/f1MIlk50fB1j6aY2Z6hrBXMajMnFBLisfbMYPW5qTKu64wPdDN3gkl\/H8Be7FkHaOTuzewUm7FmbSNsVS4qx1aH\/X4RlYozEzRZ+kMo6NvAP\/LKmURBssiX0vM0SxDIpE70cVZpQndmpJ2y6+o4r+7nxWd\/FdvYHfU+vJIFboFxXmia\/9OpwZ70zAwPBXdEH3XfE9DCtlGGf9HjfPPPFfxs5aBFiJbPEahtpXHuYX68gSK61uD3jzw7YReG\/rbzqtv8HWEbbTBtnaRaq131dFWkr84hZMhK3V\/WUIOS5yEUYbaULTIGlAezE3y2YaQDZ+NA2Q+MQ0HPjRwQwLV6sqSeM8ztcJgx+X+LCM7tI4YWm+lm0rCMQZeSfVfXuHnen1YyXOqiM6fhwrbeu3XvMloMpNWeaJM7xtBJ23BG5C46FaocgdrrCyOLryrGiG1dXvUCHOIgMBgjtk4X2KchyJgo0wnYANabtqUsGAxMG4a1sHrO5+LT3zFvk7tEhmhPvq\/vwIe2PZ6WzdD4+7CuzpxhsehN689jrxRG12GmfZ3tquIKfCIry2tTWFrSfwcVkj47KLibKaIT\/yMRuemGv9H7GEZG7rFKmmkN5GbbDHhWHraf9iQaouLNV7jpJ8X4RWUr+mVobXrHQCAZ+1ewbc8xi9ndyKKcnIguTEl7S60OQvhsn1Ny5CSfuN1cAoqGNi5ZnX3ghRwHCTaEa7yGWQIs54mDdg9x30s3pBRDKp\/BHbSZnlrIXacxBq5Wj4eXZVdj1F+eER+B\/yq6iYtJ2LnUBABq4Q\/K7pOEOZ8uea8x24qaDyaKo98epmr3mzl1zq7HLeD9ErFsL1EfUMXdLai0GMrIU\/s\/I4lSv3Rj+OkBXirR9wx19Tak+NcD7ksUj8zs8EfcwLx4+l7Z5E0SIWT3BB3+46IHKL\/83jxWrUOAF2P8KYIXK1C9aJLULssQTAvoLxrb1D9ylpJERnphnfLu++XzXAdqOW3lNFf3\/+rubJ74EnvzPem\/t85RNwxYKb6RFgr1zH+wIOKLMJPxfRBJx14ec2\/iMCl8osBBcaPkb0LtJm3esHfq\/oFVCYOLkLrDXwqvpdlMqvrd+A0v6GxVVz+kNm0q6IctUTUSC6mVL6VdpeISN\/jJgq6g2cS3LW3A+A0I+8WnsFOO8Cng+moWgEXnOVGP51qEp8Rt\/TK+PrU\/hGSw7K0m\/gmPl97XKkC3DPeHpt2V671uGKC6jxXwoXXXBAymPx\/u2Fs0MC\/DIR\/ExF5AjS9g23M\/+LOjxYSXJ8Jwq\/GbiK6WzT\/ey99V6sTCRQlSRN4KF1k6qyFUN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type=\"text\/x-nexus\" class=\"_iub_cs_skip\" id=\"nxe-mount\" 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auto;padding:0 16px;font-family:ui-sans-serif,system-ui,-apple-system,\"Segoe UI\",sans-serif;line-height:1.55;overflow-wrap:break-word}#nxe-n1b5vh7z.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-n1b5vh7z.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-n1b5vh7z.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-n1b5vh7z.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-n1b5vh7z.nxe :where(ul,ol){padding-left:20px}#nxe-n1b5vh7z.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-n1b5vh7z.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-n1b5vh7z.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-n1b5vh7z.nxe svg{display:none}#nxe-n1b5vh7z.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-n1b5vh7z.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n1b5vh7z.nxe img{max-width:100%;height:auto}<\/style><svg class=\"nx-defs\" aria-hidden=\"true\" focusable=\"false\" width=\"0\" height=\"0\"><defs><linearGradient id=\"nx-gi\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-giu\" gradientUnits=\"userSpaceOnUse\" x1=\"0\" y1=\"0\" x2=\"800\" y2=\"0\"><stop offset=\"0\" class=\"nx-gi-a\"\/><stop offset=\"0.55\" class=\"nx-gi-b\"\/><stop offset=\"1\" class=\"nx-gi-c\"\/><\/linearGradient><linearGradient id=\"nx-gp\" x1=\"0\" y1=\"0\" x2=\"1\" y2=\"1\"><stop offset=\"0\" class=\"nx-gp-a\"\/><stop offset=\"1\" class=\"nx-gp-b\"\/><\/linearGradient><\/defs><\/svg><section class=\"nx-hero\" data-layout=\"dag\" aria-labelledby=\"nx-title-1\"><div class=\"nx-container\"><div class=\"nx-theme-toggle\" role=\"group\" aria-label=\"Appearance of this page\" hidden><button type=\"button\" data-mode=\"light\" aria-pressed=\"false\">Light<\/button><button type=\"button\" data-mode=\"dark\" aria-pressed=\"false\">Dark<\/button><button type=\"button\" data-mode=\"auto\" aria-pressed=\"true\">Auto<\/button><\/div><div class=\"nx-folio\" aria-label=\"Document reference\"><strong>A03 \u00b7 TOPIC \u00b7 liquidity-and-redemption<\/strong>GRA dossier \u00b7 service level R0<\/div><div class=\"nx-hero-grid\"><div class=\"nx-hero-text\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">GRA<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Asset Management Nexus<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">Established<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Topic dossier \u00b7 Asset Management Nexus<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Liquidity and redemption<\/h1><p class=\"nx-tagline\">An open-ended fund promises to return investors' money at short notice while holding assets that may take days, weeks or months to sell without loss. In normal markets the mismatch is managed quietly; in stress, redemptions and forced sales can reinforce each other and spill into the markets the funds hold. This page sets out how liquidity mismatch develops, how funds and supervisors measure it, and the tools that allocate its cost.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/contact\/\">Make an enquiry <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/\">Back to Topics<\/a><\/div><\/div><div class=\"nx-hero-canvas\"><div class=\"nx-plate\" data-wide=\"true\"><div class=\"nx-plate-label\"><span class=\"nx-eyebrow\"><strong>Systems<\/strong> \u00b7 around this subject<\/span><span class=\"nx-eyebrow\">Design, not a record<\/span><\/div><div class=\"nx-figure-frame\" data-scene=\"true\"><figure class=\"nx-fk nx-cx\" data-fk=\"cx-asset-liquidity\" data-cx=\"asset.liquidity\" data-variant=\"section\" aria-label=\"Liquidity stress test: illustrative console with placeholder names and values\"><div class=\"nx-fk-head\"><div class=\"nx-fk-heading\"><h2 class=\"nx-fk-title\">Liquidity stress test<\/h2><p class=\"nx-fk-sub\">Liquidity and redemption \u00b7 Bond fund \u00b7 Scenario: redemption shock<\/p><\/div><div class=\"nx-fk-actions\"><button type=\"button\" class=\"nx-fk-btn\" data-fk-act=\"menu\" aria-haspopup=\"true\" aria-expanded=\"false\" hidden><svg viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 4v11\"\/><path d=\"m7 10 5 5 5-5\"\/><path d=\"M5 20h14\"\/><\/svg>Export<\/button><ul class=\"nx-fk-menu\" data-fk-menu=\"true\" hidden><li><button type=\"button\" data-fk-act=\"export-png\">Image<small>PNG of the map or chart<\/small><\/button><\/li><li><button type=\"button\" data-fk-act=\"export-csv\">Data<small>CSV of the figure's values<\/small><\/button><\/li><\/ul><\/div><\/div><div class=\"nx-cx-status\"><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>Covered under stress<\/span><span class=\"nx-cx-prod\">GRA \u00b7 Asset Management Nexus<\/span><\/div><div class=\"nx-cx-grid\"><div class=\"nx-fk-panel nx-cx-p\" data-w=\"3\" data-t=\"chart\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Liquidity buckets<\/h4><\/div><\/div><svg class=\"nx-fk-svg\" viewBox=\"0 0 520 210\" width=\"520\" height=\"210\" role=\"img\" focusable=\"false\" preserveAspectRatio=\"xMidYMid meet\" aria-label=\"Liquidity buckets\" data-fk-chart=\"cx-asset-liquidity-c0\"><g data-m=\"axes\"><line data-m=\"grid\" x1=\"40\" x2=\"510\" y1=\"180\" y2=\"180\"\/><text data-m=\"tick\" x=\"34\" y=\"183.5\" text-anchor=\"end\">0<\/text><line data-m=\"grid\" x1=\"40\" x2=\"510\" y1=\"77.5\" y2=\"77.5\"\/><text data-m=\"tick\" x=\"34\" y=\"81\" text-anchor=\"end\">50<\/text><text data-m=\"label\" x=\"40\" y=\"6\" text-anchor=\"start\">share of NAV by days to sell<\/text><\/g><line data-m=\"axis\" x1=\"40\" x2=\"510\" y1=\"180\" y2=\"180\"\/><g data-m=\"col\" data-k=\"c-s0\"><rect data-m=\"bar\" data-k=\"b-s0-g0\" data-c=\"c1\" x=\"72.9\" y=\"153.4\" width=\"169.2\" height=\"25.7\"\/><rect data-m=\"bar\" data-k=\"b-s0-g1\" data-c=\"c2\" x=\"72.9\" y=\"112.4\" width=\"169.2\" height=\"40\"\/><rect data-m=\"bar\" data-k=\"b-s0-g2\" data-c=\"c3\" x=\"72.9\" y=\"83.7\" width=\"169.2\" height=\"28.7\"\/><text data-m=\"tick\" x=\"157.5\" y=\"194\" text-anchor=\"middle\">Normal<\/text><rect data-m=\"hit\" x=\"40\" y=\"16\" width=\"235\" height=\"164\"\/><\/g><g data-m=\"col\" data-k=\"c-s1\"><rect data-m=\"bar\" data-k=\"b-s1-g0\" data-c=\"c1\" x=\"307.9\" y=\"128.8\" width=\"169.2\" height=\"50.3\"\/><rect data-m=\"bar\" data-k=\"b-s1-g1\" data-c=\"c2\" x=\"307.9\" y=\"81.6\" width=\"169.2\" height=\"46.1\"\/><rect data-m=\"bar\" data-k=\"b-s1-g2\" data-c=\"c3\" x=\"307.9\" y=\"18.1\" width=\"169.2\" height=\"63.6\"\/><text data-m=\"tick\" x=\"392.5\" y=\"194\" text-anchor=\"middle\">Stressed<\/text><rect data-m=\"hit\" x=\"275\" y=\"16\" width=\"235\" height=\"164\"\/><\/g><\/svg><ul class=\"nx-fk-legend\"><li><span class=\"nx-fk-key\" data-c=\"c1\"><i aria-hidden=\"true\"><\/i>1 day<\/span><\/li><li><span class=\"nx-fk-key\" data-c=\"c2\"><i aria-hidden=\"true\"><\/i>2 to 7 days<\/span><\/li><li><span class=\"nx-fk-key\" data-c=\"c3\"><i aria-hidden=\"true\"><\/i>Over 7 days<\/span><\/li><\/ul><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"3\" data-t=\"table\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Redemption scenarios<\/h4><\/div><\/div><div class=\"nx-fk-tablewrap\" data-fk-view=\"table:cx-asset-liquidity-t1\"><table class=\"nx-fk-table\" data-fk-table=\"cx-asset-liquidity-t1\" aria-label=\"Redemption scenarios\"><thead><tr><th scope=\"col\" data-col=\"c0\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c0\">Scenario<\/button><\/th><th scope=\"col\" data-col=\"c1\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c1\">Outflow (% NAV)<\/button><\/th><th scope=\"col\" data-col=\"c2\" data-num=\"true\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c2\">Coverage<\/button><\/th><th scope=\"col\" data-col=\"c3\" aria-sort=\"none\"><button type=\"button\" data-fk-sort=\"c3\">Tool<\/button><\/th><\/tr><\/thead><tbody><tr data-fk-key=\"cx-asset-liquidity:r1-0\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Historic worst<\/td><td data-num=\"true\" data-sv=\"15\">15<\/td><td data-num=\"true\" data-sv=\"2.5\">2.5<\/td><td><span class=\"nx-fk-pill\" data-state=\"met\"><i aria-hidden=\"true\"><\/i>None needed<\/span><\/td><\/tr><tr data-fk-key=\"cx-asset-liquidity:r1-1\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Severe<\/td><td data-num=\"true\" data-sv=\"21\">21<\/td><td data-num=\"true\" data-sv=\"1.2\">1.2<\/td><td><span class=\"nx-fk-pill\" data-state=\"near\"><i aria-hidden=\"true\"><\/i>Swing pricing<\/span><\/td><\/tr><tr data-fk-key=\"cx-asset-liquidity:r1-2\" tabindex=\"0\" role=\"row\" aria-selected=\"false\"><td>Extreme<\/td><td data-num=\"true\" data-sv=\"30\">30<\/td><td data-num=\"true\" data-sv=\"1.1\">1.1<\/td><td><span class=\"nx-fk-pill\" data-state=\"not\"><i aria-hidden=\"true\"><\/i>Gate<\/span><\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><div class=\"nx-fk-tip\" aria-hidden=\"true\" hidden><\/div><figcaption class=\"nx-fk-cap\"><span>Liquidity stress test: the screen's structure, terms and states for Liquidity and redemption.<\/span><span data-honesty=\"true\">Placeholder names and illustrative values; a design, not a record or a live system.<\/span><\/figcaption><\/figure><\/div><\/div><p class=\"nx-caption\"><strong>Fig.<\/strong><span>Liquidity stress test. Design wireframe with placeholder names and illustrative values, not a record or a live system.<\/span><\/p><\/div><\/div><\/div><\/section> <nav class=\"nx-index-strip\" data-nx-spy=\"true\" aria-label=\"On this page\"><div class=\"nx-container\"><a href=\"#nx-sec-brief-answer\"><span>01<\/span>The short answer<\/a><a href=\"#nx-sec-field\"><span>02<\/span>Assets on the grid, and the\u2026<\/a><a href=\"#nx-sec-question\"><span>03<\/span>Liquidity and redemption: how the\u2026<\/a><a href=\"#nx-sec-terms\"><span>04<\/span>Terms used on this page<\/a><a href=\"#nx-sec-indicators\"><span>05<\/span>What is measured, and how well<\/a><a href=\"#nx-sec-pipeline\"><span>06<\/span>From sources to decisions<\/a><a href=\"#nx-sec-sources\"><span>07<\/span>Where the evidence comes from<\/a><a href=\"#nx-sec-decisions\"><span>08<\/span>Who decides, and what the evidence\u2026<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-2\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">01<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">In brief<\/span><\/div><h2 id=\"nx-s-2\" class=\"nx-section-title\">The short answer.<\/h2><p class=\"nx-lede\">Fund liquidity risk is the risk that an open-ended fund cannot meet redemptions without selling assets at a loss that harms remaining investors. In stress, redemptions and forced sales can reinforce each other, so supervisors expect liquidity management tools that pass the cost of trading to those who redeem.<\/p><\/div><\/div><\/section><section id=\"nx-sec-field\" class=\"nx-section\" data-hue=\"climate\" data-tone=\"alt\" aria-labelledby=\"nx-s-3\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">02<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Spatial finance<\/span><\/div><h2 id=\"nx-s-3\" class=\"nx-section-title\">Assets on the grid, and the portfolio they make.<\/h2><p class=\"nx-lede\">Where a portfolio's assets sit, and how much of its value is most exposed. Hypothetical assets, not an assessment.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-canvas-wrap\"><figure class=\"nx-fk nx-sf\" data-fk=\"asset-geocode\" data-gl=\"sf:asset-geocode\" data-sf=\"asset-geocode\" data-sx-credit=\"Natural Earth (public domain) | hypothetical assets and design scores\" data-sx-src=\"Natural Earth ~ public domain ~ https:\/\/www.naturalearthdata.com\/ | Design scenario values by the Global Risks Alliance ~ illustrative, not data\" data-sf-learn-views=\"quality\" aria-label=\"Interactive map: sixteen hypothetical assets at real towns, coloured by a design hazard score. The panel chooses a hazard or an asset.\" 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\"><figcaption class=\"nx-fk-cap\"><span>Sixteen assets at real towns, and the share of portfolio value in the most exposed places.<\/span><span data-honesty=\"true\">Hypothetical assets and design scores, not advice.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"map\" data-nxf-kind=\"map\" data-nxf-resource=\"nexus:\/\/gra\/A03\/topics\/liquidity-and-redemption\/#map\" data-nxf-title=\"Asset Management Nexus live map\" data-nxf-height=\"560\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-question\" class=\"nx-section\" data-hue=\"biodiversity\" data-variant=\"stack\" aria-labelledby=\"nx-s-4\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">03<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">The question<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Liquidity and redemption: how the risk develops.<\/h2><p class=\"nx-lede\">Liquidity mismatches and financial stability. The dossier below sets out how the risk develops, what is measured, where the data come from, how it is modelled and who decides.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-cells\" data-cols=\"2\"><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"12\" cy=\"4.5\" r=\"2.5\"\/><path d=\"m10.2 6.3-3.9 3.9\"\/><circle cx=\"4.5\" cy=\"12\" r=\"2.5\"\/><path d=\"M7 12h10\"\/><circle cx=\"19.5\" cy=\"12\" r=\"2.5\"\/><path d=\"m13.8 17.7 3.9-3.9\"\/><circle cx=\"12\" cy=\"19.5\" r=\"2.5\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">First-mover advantage<\/h3><p class=\"nx-p nx-mt-1\">When redeeming investors receive a price that does not reflect the cost of selling the assets, those who stay bear that cost. Investors who see this have a reason to redeem first, which can turn a modest outflow into a run.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M22 12h-2.48a2 2 0 0 0-1.93 1.46l-2.35 8.36a.25.25 0 0 1-.48 0L9.24 2.18a.25.25 0 0 0-.48 0l-2.35 8.36A2 2 0 0 1 4.49 12H2\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Fire sales and price impact<\/h3><p class=\"nx-p nx-mt-1\">Funds meeting redemptions sell the most liquid assets first or sell into thin markets. Prices fall, other holders mark down, and outflows from similar funds follow. The channel runs through common holdings.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><circle cx=\"8\" cy=\"8\" r=\"6\"\/><path d=\"M18.09 10.37A6 6 0 1 1 10.34 18\"\/><path d=\"M7 6h1v4\"\/><path d=\"m16.71 13.88.7.71-2.82 2.82\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Leverage and margin calls<\/h3><p class=\"nx-p nx-mt-1\">Derivatives and repo bring collateral calls that must be met in cash within hours. A rapid move in rates or spreads can force sales of unrelated assets, as the UK liability-driven investment episode showed.<\/p><\/div><div><div class=\"nx-glyph-row\"><span class=\"nx-glyph\" data-tone=\"accent\"><svg class=\"nx-i\" viewBox=\"0 0 24 24\" aria-hidden=\"true\" focusable=\"false\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M20 13c0 5-3.5 7.5-7.66 8.95a1 1 0 0 1-.67-.01C7.5 20.5 4 18 4 13V6a1 1 0 0 1 1-1c2 0 4.5-1.2 6.24-2.72a1.17 1.17 0 0 1 1.52 0C14.51 3.81 17 5 19 5a1 1 0 0 1 1 1z\"\/><path d=\"m9 12 2 2 4-4\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Tools allocate the cost<\/h3><p class=\"nx-p nx-mt-1\">Swing pricing, anti-dilution levies, redemption gates, notice periods and redemptions in kind move the cost of liquidity onto redeeming investors or slow redemptions. Their availability and use differ by jurisdiction and fund.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-5\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">04<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Key terms<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Terms used on this page.<\/h2><p class=\"nx-lede\">Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Term<\/th><th scope=\"col\">Definition<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Term\">Swing pricing<\/td><td data-label=\"Definition\">Adjusting a fund's price on days of large net flows so redeeming or subscribing investors bear trading costs.<\/td><\/tr><tr><td data-label=\"Term\">First-mover advantage<\/td><td data-label=\"Definition\">The benefit of redeeming early before others' redemptions force costly sales.<\/td><\/tr><tr><td data-label=\"Term\">Redemption gate<\/td><td data-label=\"Definition\">A limit on how much investors may redeem in a period.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-indicators\" class=\"nx-section\" data-hue=\"climate\" aria-labelledby=\"nx-s-6\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">05<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Indicators<\/span><\/div><h2 id=\"nx-s-6\" class=\"nx-section-title\">What is measured, and how well.<\/h2><p class=\"nx-lede\">Each indicator carries its unit, its cadence, the kind of source behind it and the evidence label a value would carry. No values are shown: a programme supplies them under its own authority.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Indicator<\/th><th scope=\"col\">Unit<\/th><th scope=\"col\">Cadence<\/th><th scope=\"col\">Source type<\/th><th scope=\"col\">Label<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Indicator\">Assets in each liquidity bucket<\/td><td data-label=\"Unit\">percent of net assets by bucket<\/td><td data-label=\"Cadence\">monthly<\/td><td data-label=\"Source type\">Fund liquidity classification and regulatory reporting<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Redemption coverage ratio<\/td><td data-label=\"Unit\">liquid assets over stressed redemptions, ratio<\/td><td data-label=\"Cadence\">monthly<\/td><td data-label=\"Source type\">Fund liquidity stress tests<\/td><td data-label=\"Label\"><span class=\"nx-chip\">MODELLED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Net flows<\/td><td data-label=\"Unit\">percent of net assets per period<\/td><td data-label=\"Cadence\">weekly or monthly<\/td><td data-label=\"Source type\">Fund flow statistics<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Swing factor applied<\/td><td data-label=\"Unit\">basis points of net asset value<\/td><td data-label=\"Cadence\">per dealing day<\/td><td data-label=\"Source type\">Fund disclosures<\/td><td data-label=\"Label\"><span class=\"nx-chip\">DECLARED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Liquidity management tools available<\/td><td data-label=\"Unit\">tools by fund<\/td><td data-label=\"Cadence\">annual<\/td><td data-label=\"Source type\">Prospectuses and supervisory surveys<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Gross and commitment leverage<\/td><td data-label=\"Unit\">percent of net asset value<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">AIFMD and Form PF reporting<\/td><td data-label=\"Label\"><span class=\"nx-chip\">REPORTED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Bid-ask spread of portfolio holdings<\/td><td data-label=\"Unit\">basis points<\/td><td data-label=\"Cadence\">daily<\/td><td data-label=\"Source type\">Market trade and quote data<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Weekly liquid assets of money market funds<\/td><td data-label=\"Unit\">percent of total assets<\/td><td data-label=\"Cadence\">monthly<\/td><td data-label=\"Source type\">Form N-MFP and EU money market fund reporting<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"indicators\" data-nxf-kind=\"indicator\" data-nxf-resource=\"nexus:\/\/gra\/A03\/topics\/liquidity-and-redemption\/#indicators\" data-nxf-title=\"Indicators\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-pipeline\" class=\"nx-section\" data-hue=\"biodiversity\" data-tone=\"alt\" aria-labelledby=\"nx-s-7\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">06<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Canvas<\/span><\/div><h2 id=\"nx-s-7\" class=\"nx-section-title\">From sources to decisions.<\/h2><p class=\"nx-lede\">The topic as a computational graph: named sources feed the methods, an evidence review gates the outputs, and the decisions stay with the authorities that hold them.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-plate\" data-wide=\"true\"><div class=\"nx-plate-label\"><span class=\"nx-eyebrow\"><strong>Pipeline canvas<\/strong> \u00b7 Liquidity and redemption as a run graph<\/span><span class=\"nx-eyebrow\">Design, not a record<\/span><\/div><div class=\"nx-figure-frame\" data-scene=\"true\"><svg class=\"nx-figure nx-ui nx-dag\" viewBox=\"0 0 1200 564\" data-nx-dag=\"true\" data-w=\"1200\" data-h=\"564\" role=\"img\" aria-labelledby=\"nx-dag-a03-topics-liquidity-and-redemption-alm-t nx-dag-a03-topics-liquidity-and-redemption-alm-d\" data-nx-z=\"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\"><title id=\"nx-dag-a03-topics-liquidity-and-redemption-alm-t\">Liquidity and redemption: asset-liability management<\/title><desc id=\"nx-dag-a03-topics-liquidity-and-redemption-alm-d\">Liabilities are projected; a strategic asset allocation and risk budget are set; hedges and liquidity buckets cover collateral calls; stress tests check funding; rebalancing and stewardship follow. Design of the process, not a record of a run.<\/desc><\/svg><\/div><\/div><p class=\"nx-caption\"><strong>Fig. 02<\/strong><span>Nodes carry their type, two metric rows and a state; connectors show what feeds what; dashed frames name the owners; the timeline is the cadence. Design of the pipeline, not a record of a run.<\/span><\/p><\/div><\/div><\/section><section id=\"nx-sec-sources\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"stack\" aria-labelledby=\"nx-s-8\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">07<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Sources<\/span><\/div><h2 id=\"nx-s-8\" class=\"nx-section-title\">Where the evidence comes from.<\/h2><p class=\"nx-lede\">Named public datasets and institutional records, each with its licence class. Sources by agreement are used only under their terms and never republished.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Source<\/th><th scope=\"col\">What it gives<\/th><th scope=\"col\">Licence class<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Source\">FSB and IOSCO policy on liquidity mismatch in open-ended funds<\/td><td data-label=\"What it gives\">Revised recommendations and anti-dilution tool guidance for open-ended funds<\/td><td data-label=\"Licence class\">Free to read, attribution<\/td><\/tr><tr><td data-label=\"Source\">ESMA Trends, Risks and Vulnerabilities reports<\/td><td data-label=\"What it gives\">EU fund flows, liquidity and leverage vulnerabilities<\/td><td data-label=\"Licence class\">Free reuse, attribution<\/td><\/tr><tr><td data-label=\"Source\">SEC Private Funds Statistics from Form PF<\/td><td data-label=\"What it gives\">Aggregated private fund leverage, liquidity and financing<\/td><td data-label=\"Licence class\">Public domain<\/td><\/tr><tr><td data-label=\"Source\">SEC Money Market Fund Statistics from Form N-MFP<\/td><td data-label=\"What it gives\">Money market fund holdings, liquidity and flows<\/td><td data-label=\"Licence class\">Public domain<\/td><\/tr><tr><td data-label=\"Source\">ICI weekly and monthly flow data<\/td><td data-label=\"What it gives\">US mutual fund, exchange-traded fund and money market flows<\/td><td data-label=\"Licence class\">Free to read, ICI terms<\/td><\/tr><tr><td data-label=\"Source\">EFAMA Quarterly Statistical Release<\/td><td data-label=\"What it gives\">European UCITS and AIF net sales by category<\/td><td data-label=\"Licence class\">Free to read, EFAMA terms<\/td><\/tr><tr><td data-label=\"Source\">FSB Global Monitoring Report on Non-Bank Financial Intermediation<\/td><td data-label=\"What it gives\">Size, composition and vulnerabilities of non-bank finance<\/td><td data-label=\"Licence class\">Free to read, attribution<\/td><\/tr><tr><td data-label=\"Source\">Bank of England system-wide exploratory scenario publications<\/td><td data-label=\"What it gives\">Interactions between banks and non-banks in a market-wide stress<\/td><td data-label=\"Licence class\">Free reuse, attribution<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"evidence\" data-nxf-kind=\"evidence\" data-nxf-resource=\"nexus:\/\/gra\/A03\/topics\/liquidity-and-redemption\/#evidence\" data-nxf-title=\"Sources\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-decisions\" class=\"nx-section\" data-hue=\"climate\" data-tone=\"alt\" aria-labelledby=\"nx-s-9\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">08<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Decisions<\/span><\/div><h2 id=\"nx-s-9\" class=\"nx-section-title\">Who decides, and what the evidence serves.<\/h2><p class=\"nx-lede\">Asset Management Nexus prepares evidence. The decisions below are taken by the authorities named, under their own rules, and never by the platform.<\/p><\/div><div class=\"nx-section-body\" data-lv=\"ledger\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Who decides<\/th><th scope=\"col\">The question<\/th><th scope=\"col\">Evidence this page serves<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Who decides\">Fund boards and UCITS and AIF management companies<\/td><td data-label=\"The question\">Which liquidity management tools a fund should have, how they are calibrated and when to use them<\/td><td data-label=\"Evidence this page serves\">Liquidity bucket profiles, redemption stress tests and tool calibration practice<\/td><\/tr><tr><td data-label=\"Who decides\">Securities regulators<\/td><td data-label=\"The question\">Whether a category of fund needs stricter liquidity classification, notice periods or tool requirements<\/td><td data-label=\"Evidence this page serves\">Mismatch measures by category and flow behaviour in past stress episodes<\/td><\/tr><tr><td data-label=\"Who decides\">Central banks and financial stability authorities<\/td><td data-label=\"The question\">Whether fund outflows and margin calls could impair core markets<\/td><td data-label=\"Evidence this page serves\">System-wide scenarios linking fund flows, leverage and dealer capacity<\/td><\/tr><tr><td data-label=\"Who decides\">Pension trustees using leveraged liability hedging<\/td><td data-label=\"The question\">What collateral buffer and recapitalisation process a hedging mandate needs<\/td><td data-label=\"Evidence this page serves\">Margin-call scenarios under stressed rate moves, and the time needed to recapitalise<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nx-h4 nx-mt-4\">Outputs this topic produces<\/h3><ul class=\"nx-list\"><li>Liquidity mismatch profiles by fund category, with reporting lags and classification methods stated<\/li><li>Redemption and margin-call scenarios across funds with common holdings<\/li><li>Comparisons of liquidity management tool availability and use across jurisdictions<\/li><li>Research on flow, performance and price dynamics in stressed markets<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-core-questions\" class=\"nx-section\" data-hue=\"biodiversity\" aria-labelledby=\"nx-s-10\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">09<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Core questions<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">What experts ask about liquidity.<\/h2><\/div><div class=\"nx-section-body\"><ul class=\"nx-list\"><li>How large is the gap between redemption terms and the liquidity of fund assets?<\/li><li>Under what conditions do redemptions become self-reinforcing runs?<\/li><li>How effective are liquidity management tools such as swing pricing and redemption gates?<\/li><li>How do leverage and margin calls interact with redemptions?<\/li><li>How does market liquidity behave in stress, and who provides it?<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-mechanisms-and-drivers\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" aria-labelledby=\"nx-s-11\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">10<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Mechanisms and drivers<\/span><\/div><h2 id=\"nx-s-11\" class=\"nx-section-title\">How liquidity stress develops.<\/h2><\/div><div class=\"nx-section-body\"><p class=\"nx-p\">When a fund faces redemptions, it must sell assets or use cash buffers. If the assets are illiquid, selling can lower prices, and the costs may fall on investors who remain. This creates a first-mover advantage: investors who redeem early may get better terms, which can encourage runs.<\/p><p class=\"nx-p\">Market liquidity is procyclical. In calm markets, assets trade easily; in stress, dealers and other liquidity providers may withdraw, spreads widen and selling becomes costly. Several stress episodes in recent years showed how fund redemptions, margin calls and market illiquidity can reinforce each other.<\/p><p class=\"nx-p\">Leverage adds pressure. Margin calls on derivatives or borrowing can force sales at the worst time.<\/p><\/div><\/div><\/section><section id=\"nx-sec-methods-and-data\" class=\"nx-section\" data-hue=\"climate\" data-variant=\"stack\" aria-labelledby=\"nx-s-12\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">11<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods and data<\/span><\/div><h2 id=\"nx-s-12\" class=\"nx-section-title\">Methods and their limits.<\/h2><\/div><div class=\"nx-section-body\"><ol class=\"nx-rows\"><li><span class=\"nx-eyebrow nx-index\">01<\/span><div><h3 class=\"nx-h4\">Liquidity stress testing<\/h3><p class=\"nx-p nx-mt-1\">Simulating redemptions and asset sales, using <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/mathematics\/scenario-stress\/\" target=\"_blank\" rel=\"noopener\">scenario design and stress testing<\/a>. Behaviour in severe stress is uncertain.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">02<\/span><div><h3 class=\"nx-h4\">Market liquidity measures<\/h3><p class=\"nx-p nx-mt-1\">Bid-ask spreads, price impact and trading volumes. These change rapidly in stress.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">03<\/span><div><h3 class=\"nx-h4\">Fund flow analysis<\/h3><p class=\"nx-p nx-mt-1\">Studying how investors respond to performance and shocks, using <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/mathematics\/econometrics\/\" target=\"_blank\" rel=\"noopener\">econometrics<\/a>.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">04<\/span><div><h3 class=\"nx-h4\">Contagion models<\/h3><p class=\"nx-p nx-mt-1\">Modelling fire-sale spillovers through common holdings, using <a class=\"nx-link\" href=\"https:\/\/therisk.global\/stem\/engineering\/financial-engineering\/\" target=\"_blank\" rel=\"noopener\">financial and risk engineering<\/a>.<\/p><\/div><\/li><\/ol><p class=\"nx-note nx-mt-3\">Past stress episodes inform models but may not represent future ones, especially as market structures change.<\/p><\/div><\/div><\/section><section id=\"nx-sec-methods\" class=\"nx-section\" data-hue=\"biodiversity\" data-tone=\"alt\" aria-labelledby=\"nx-s-13\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">12<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Methods<\/span><\/div><h2 id=\"nx-s-13\" class=\"nx-section-title\">How it is studied, and what the methods cannot say.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-methods\" data-limits=\"true\"><ol class=\"nx-mledger\" aria-label=\"Methods\"><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/stem\/financial-engineering\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">01<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Financial and risk engineering<\/span><span class=\"nx-mledger-role\">Look-through risk decomposition \u00b7 Liquidity bucketing and redemption tests<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/engineering\/financial-engineering\/\" aria-label=\"Financial and risk engineering: canonical page on the STEM Commons\" target=\"_blank\" rel=\"noopener\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/stem\/scenario-stress\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">02<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Scenario design and stress testing<\/span><span class=\"nx-mledger-role\">Climate scenario analysis of portfolios \u00b7 System-wide redemption and margin scenarios<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/mathematics\/scenario-stress\/\" aria-label=\"Scenario design and stress testing: canonical page on the STEM Commons\" target=\"_blank\" rel=\"noopener\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/stem\/econometrics\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">03<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Econometrics<\/span><span class=\"nx-mledger-role\">Flow and price pressure estimation \u00b7 Event studies of stewardship and disclosure<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/mathematics\/econometrics\/\" aria-label=\"Econometrics: canonical page on the STEM Commons\" target=\"_blank\" rel=\"noopener\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/stem\/financial-economics\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">04<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Financial economics and macro-finance<\/span><span class=\"nx-mledger-role\">Common ownership and fire-sale channels \u00b7 Pricing of transition risk<\/span><\/span><span class=\"nx-mledger-go\"><span class=\"nx-mledger-go-label\">Applied here<\/span><svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/span><\/a><div class=\"nx-mledger-aside\"><a class=\"nx-mledger-canon\" href=\"https:\/\/therisk.global\/stem\/science\/financial-economics\/\" aria-label=\"Financial economics and macro-finance: canonical page on the STEM Commons\" target=\"_blank\" rel=\"noopener\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><\/ol><aside class=\"nx-limits\" aria-label=\"What the methods cannot say\"><span class=\"nx-eyebrow\">What the methods cannot say<\/span><p class=\"nx-limits-text\">Liquidity is a property of markets in a given state, not of an asset alone, and classifications rest on assumptions about sale size and time. Fund-level liquidity classifications are mostly confidential, so public evidence rests on aggregates. Flow data lag and mix share classes. Stress results depend on assumed redemptions and assumed market depth, both uncertain in a crisis. Asset Management Nexus does not assess any named fund's liquidity; boards and regulators do.<\/p><\/aside><\/div><\/div><\/div><\/section><section id=\"nx-s-14-sec\" class=\"nx-section\" data-hue=\"finance\" aria-labelledby=\"nx-s-14\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">13<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-14\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>What is swing pricing?<\/summary><div class=\"nx-answer\">An adjustment to a fund's dealing price on days of large net flows, so that the trading costs caused by redeeming or subscribing investors fall on them rather than on those who stay.<\/div><\/details><details><summary>Why does liquidity disappear in stress?<\/summary><div class=\"nx-answer\">Dealers' balance-sheet capacity is limited, many holders want to sell the same assets, and buyers wait for lower prices. An asset that trades easily in calm markets can become hard to sell at any fair price.<\/div><\/details><details><summary>Are money market funds part of this?<\/summary><div class=\"nx-answer\">Yes. They offer near-immediate liquidity and hold short-term instruments whose markets can freeze. Reforms to their liquid asset buffers and fees belong to the same policy debate.<\/div><\/details><details><summary>Are funds a source of runs?<\/summary><div class=\"nx-answer\">Funds with liquidity mismatches can experience run-like dynamics. The extent depends on structure, tools and investor behaviour.<\/div><\/details><details><summary>Does the platform assess individual funds?<\/summary><div class=\"nx-answer\">No. It studies methods and industry-level evidence.<\/div><\/details><details><summary>Does the topic cover money market funds?<\/summary><div class=\"nx-answer\">Yes, as part of the broader study of liquidity mismatches.<\/div><\/details><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-15\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-15\" class=\"nx-h3 nx-mt-2\">Around Asset Management Nexus.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/portfolio-concentration\/\">Portfolio concentration <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/long-horizon-risk\/\">Long-horizon risk <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/stewardship-and-governance\/\">Stewardship and governance <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/data-and-disclosure\/\">Data and disclosure <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/infrastructure-and-real-assets\/\">Infrastructure and real assets <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/transition-risk\/\">Transition risk <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/\">Asset Management Nexus home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/counterparts\/\">Counterparts across the Consortium <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/\">The Global Risks Alliance home <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a href=\"https:\/\/globalriskalliance.com\/trust\/\">GRA governance and trust <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><\/nav><\/div><\/section><section class=\"nx-closing\" aria-labelledby=\"nx-close-16\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Asset Management Nexus<\/span><h2 id=\"nx-close-16\" class=\"nx-section-title\">Bring your expertise to this field.<\/h2><p class=\"nx-lede\">The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"mailto:contact@globalriskalliance.com?subject=Asset%20Management%20Nexus%3A%20Liquidity%20and%20redemption\">Write to the team <svg class=\"nx-arrow\" viewBox=\"0 0 16 16\" aria-hidden=\"true\" fill=\"none\" stroke=\"currentColor\" stroke-width=\"1.5\" stroke-linecap=\"round\" stroke-linejoin=\"round\"><path d=\"M3 8h10M9 4l4 4-4 4\"\/><\/svg><\/a><a class=\"nx-btn\" data-variant=\"secondary\" href=\"https:\/\/globalriskalliance.com\/asset-management-nexus\/contact\/\">See all contact routes<\/a><\/div><\/div><\/section><\/div><\/div><script class=\"_iub_cs_skip\">window.__nxMount ? window.__nxMount(document.currentScript) : null;<\/script>\n\n\n<script type=\"application\/ld+json\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"FAQPage\",\"@id\":\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/liquidity-and-redemption\/#faq\",\"isPartOf\":{\"@id\":\"https:\/\/globalriskalliance.com\/asset-management-nexus\/topics\/liquidity-and-redemption\/#webpage\"},\"inLanguage\":\"en\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is swing pricing?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"An adjustment to a fund's dealing price on days of large net flows, so that the trading costs caused by redeeming or subscribing investors fall on them rather than on those who stay.\"}},{\"@type\":\"Question\",\"name\":\"Why does liquidity disappear in stress?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Dealers' balance-sheet capacity is limited, many holders want to sell the same assets, and buyers wait for lower prices. 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