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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-n24omfzs.nxe :where(*,*::before,*::after){box-sizing:inherit}#nxe-n24omfzs.nxe :where(section,header,footer,nav,aside){display:block;margin:0 0 32px}#nxe-n24omfzs.nxe :where(h1,h2,h3,h4){line-height:1.2;margin:24px 0 12px;font-weight:600}#nxe-n24omfzs.nxe :where(p,ul,ol,dl,table,figure,details){margin:0 0 16px}#nxe-n24omfzs.nxe :where(ul,ol){padding-left:20px}#nxe-n24omfzs.nxe a{color:inherit;text-decoration:underline;text-underline-offset:2px}#nxe-n24omfzs.nxe table{border-collapse:collapse;width:100%;display:block;overflow-x:auto}#nxe-n24omfzs.nxe :where(th,td){padding:6px 8px;text-align:left;vertical-align:top;border-bottom:1px solid;border-color:inherit}#nxe-n24omfzs.nxe svg{display:none}#nxe-n24omfzs.nxe svg.nx-i{display:inline-block;width:18px;height:18px;vertical-align:-3px}#nxe-n24omfzs.nxe :where([role=\"tablist\"],[role=\"toolbar\"],[hidden],button,.nx-theme-toggle,.nx-live-slot){display:none}#nxe-n24omfzs.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=\"dossier\" 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>A-P01 \u00b7 TOPIC \u00b7 liquidity-and-market-stress<\/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\">Financial Stability<\/span><span class=\"nx-eyebrow\" aria-hidden=\"true\">\u00b7<\/span><span class=\"nx-eyebrow\">In development<\/span><\/div><div class=\"nx-accent-row\"><span class=\"nx-accent-rule\" aria-hidden=\"true\"><\/span><span>Topic dossier \u00b7 Financial Stability<\/span><\/div><h1 id=\"nx-title-1\" class=\"nx-hero-title\">Liquidity and market stress<\/h1><p class=\"nx-tagline\">Markets need buyers and sellers willing to trade at reasonable prices, and firms need funding they can roll. In stress, both kinds of liquidity can vanish together: dealers pull back, margins rise, and investors sell what they can. This page sets out how liquidity stress develops in core markets such as government bonds and repo, how it is measured, and which central banks, regulators and boards decide.<\/p><div class=\"nx-actions\"><a class=\"nx-btn\" data-variant=\"primary\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/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\/financial-stability\/topics\/\">Back to Topics<\/a><\/div><\/div><div class=\"nx-hero-panel\"><div class=\"nx-register\"><div class=\"nx-register-head\"><span class=\"nx-eyebrow\"><strong>Dossier<\/strong><\/span><span class=\"nx-eyebrow\">A-P01 \u00b7 topic<\/span><\/div><ol class=\"nx-register-rows\"><li><a href=\"#nx-sec-brief-answer\"><span class=\"nx-register-n\">01<\/span><span class=\"nx-register-k\">In brief<\/span><span class=\"nx-register-v\">Definition and scope<\/span><\/a><\/li><li><a href=\"#nx-sec-question\"><span class=\"nx-register-n\">02<\/span><span class=\"nx-register-k\">The question<\/span><span class=\"nx-register-v\">4 mechanisms<\/span><\/a><\/li><li><a href=\"#nx-sec-terms\"><span class=\"nx-register-n\">03<\/span><span class=\"nx-register-k\">Key terms<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">3<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-field\"><span class=\"nx-register-n\">04<\/span><span class=\"nx-register-k\">Field<\/span><span class=\"nx-register-v\">H3 field plate<\/span><\/a><\/li><li><a href=\"#nx-sec-indicators\"><span class=\"nx-register-n\">05<\/span><span class=\"nx-register-k\">Indicators<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">6<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-pipeline\"><span class=\"nx-register-n\">06<\/span><span class=\"nx-register-k\">Pipeline<\/span><span class=\"nx-register-v\">Run graph<\/span><\/a><\/li><li><a href=\"#nx-sec-sources\"><span class=\"nx-register-n\">07<\/span><span class=\"nx-register-k\">Sources<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">5<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-decisions\"><span class=\"nx-register-n\">08<\/span><span class=\"nx-register-k\">Decision holders<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">4<\/span><\/span><\/a><\/li><li><a href=\"#nx-sec-methods\"><span class=\"nx-register-n\">09<\/span><span class=\"nx-register-k\">Methods<\/span><span class=\"nx-register-v\"><span class=\"nx-register-num\">4<\/span><\/span><\/a><\/li><\/ol><p class=\"nx-register-foot\">GRA \u00b7 In development \u00b7 service level R0<\/p><\/div><\/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>Settlement dependencies, and what\u2026<\/a><a href=\"#nx-s-4-sec\"><span>03<\/span>Systemic risk dashboard, in outline<\/a><a href=\"#nx-sec-question\"><span>04<\/span>Liquidity and market stress: how the\u2026<\/a><a href=\"#nx-sec-terms\"><span>05<\/span>Terms used on this page<\/a><a href=\"#nx-sec-indicators\"><span>06<\/span>What is measured, and how well<\/a><a href=\"#nx-sec-pipeline\"><span>07<\/span>From sources to decisions<\/a><a href=\"#nx-sec-sources\"><span>08<\/span>Where the evidence comes from<\/a><\/div><\/nav> <section id=\"nx-sec-brief-answer\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" 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\">Liquidity and market stress is the drying up of the ability to trade assets and to roll funding at the same time. It develops through spirals between funding and market liquidity, limited dealer capacity and procyclical margins. Central banks, market regulators, CCP risk committees and treasurers hold the decisions.<\/p><\/div><\/div><\/section><section id=\"nx-sec-field\" class=\"nx-section\" data-hue=\"risk\" 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\">Settlement dependencies, and what fails with a node.<\/h2><p class=\"nx-lede\">How a failure at one financial centre can spread through settlement links. Design links, not real dependencies.<\/p><\/div><div class=\"nx-section-body\"><div class=\"nx-canvas-wrap\"><figure class=\"nx-fk nx-sf\" data-fk=\"payments-network\" data-gl=\"sf:payments-network\" data-sf=\"payments-network\" data-sx-credit=\"Natural Earth (public domain) | design links, not real dependencies\" 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=\"timeline\" aria-label=\"Interactive map: sixteen financial centres joined by design dependency links. The panel chooses a centre to fail and steps the cascade.\" 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\"><figcaption class=\"nx-fk-cap\"><span>Sixteen financial centres, and how a failure at one spreads through settlement links.<\/span><span data-honesty=\"true\">Design links, not the real dependencies of any infrastructure.<\/span><\/figcaption><\/figure><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"map\" data-nxf-kind=\"map\" data-nxf-resource=\"nexus:\/\/gra\/A-P01\/topics\/liquidity-and-market-stress\/#map\" data-nxf-title=\"Financial Stability live map\" data-nxf-height=\"560\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-s-4-sec\" class=\"nx-section\" data-hue=\"finance\" 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\">Console<\/span><\/div><h2 id=\"nx-s-4\" class=\"nx-section-title\">Systemic risk dashboard, in outline.<\/h2><p class=\"nx-lede\">The working screen behind this subject: its structure, terms and states. Names are placeholders and values illustrative.<\/p><\/div><div class=\"nx-section-body\"><figure class=\"nx-fk nx-cx\" data-fk=\"cx-finstab-dashboard\" data-cx=\"finstab.dashboard\" data-variant=\"section\" aria-label=\"Systemic risk dashboard: illustrative console with placeholder names and values\"><div class=\"nx-fk-head\"><div class=\"nx-fk-heading\"><h3 class=\"nx-fk-title\">Systemic risk dashboard<\/h3><p class=\"nx-fk-sub\">Liquidity and market stress \u00b7 Financial system \u00b7 Committee meeting 3<\/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=\"near\"><i aria-hidden=\"true\"><\/i>Housing vulnerabilities elevated<\/span><span class=\"nx-cx-prod\">GRA \u00b7 Financial Stability<\/span><\/div><div class=\"nx-cx-grid\"><div class=\"nx-fk-panel nx-cx-p\" data-w=\"3\" data-t=\"matrix\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Vulnerabilities heat map<\/h4><p class=\"nx-fk-panel-sub\">percentile vs history, 0 to 100<\/p><\/div><\/div><div class=\"nx-fk-chart\"><svg class=\"nx-fk-svg\" viewBox=\"0 0 422 194\" width=\"422\" height=\"194\" role=\"img\" focusable=\"false\" preserveAspectRatio=\"xMidYMid meet\" aria-label=\"Vulnerabilities heat map\" data-fk-chart=\"cx-finstab-dashboard-heat\" data-nx-z=\"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\"><\/svg><\/div><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"3\" data-t=\"map\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Exposure network<\/h4><p class=\"nx-fk-panel-sub\">red: most connected node<\/p><\/div><\/div><div class=\"nx-cx-map\"><svg class=\"nx-cx-svg\" viewBox=\"0 0 480 250\" role=\"img\" aria-label=\"Exposure network: schematic on placeholder geography. Illustrative.\" focusable=\"false\" data-nx-z=\"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\"><\/svg><\/div><\/div><div class=\"nx-fk-panel nx-cx-p\" data-w=\"6\" data-t=\"chart\"><div class=\"nx-fk-panel-head\"><div><h4 class=\"nx-fk-panel-title\">Credit-to-GDP gap<\/h4><\/div><\/div><svg class=\"nx-fk-svg\" viewBox=\"0 0 460 210\" width=\"460\" height=\"210\" role=\"img\" aria-label=\"Credit-to-GDP gap\" focusable=\"false\" tabindex=\"0\" preserveAspectRatio=\"xMidYMid meet\" data-fk-chart=\"cx-finstab-dashboard-c2\" data-fk-xs=\"lin,0,23,36,446\" data-fk-ys=\"lin,0,100,180,20\" data-fk-series=\"Gap|ink|l||0:48.8;1:52.1;2:54.8;3:50.9;4:46.1;5:43;6:41.6;7:39.4;8:34.6;9:33.1;10:31.6;11:34.1;12:31.8;13:33;14:31.8;15:28.7;16:27.4;17:22.8;18:23.7;19:19.5;20:15.6;21:17;22:17.8;23:20.6~Buffer guide|acc|l||0:49.7;1:46.9;2:50.5;3:50.4;4:48.5;5:49.6;6:46.5;7:48.8;8:51.9;9:48.7;10:50.8;11:47.7;12:47.5;13:43.9;14:43.5;15:45.3;16:46.4;17:48.6;18:49.5;19:48.6;20:50.8;21:47.6;22:44.5;23:40.6\" data-nx-z=\"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\"><\/svg><\/div><\/div><div class=\"nx-fk-tip\" aria-hidden=\"true\" hidden><\/div><figcaption class=\"nx-fk-cap\"><span>Systemic risk dashboard: the screen's structure, terms and states for Liquidity and market stress.<\/span><span data-honesty=\"true\">Placeholder names and illustrative values; a design, not a record or a live system.<\/span><\/figcaption><\/figure><\/div><\/div><\/section><section id=\"nx-sec-question\" class=\"nx-section\" data-hue=\"risk\" 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\">The question<\/span><\/div><h2 id=\"nx-s-5\" class=\"nx-section-title\">Liquidity and market stress: how the risk develops.<\/h2><p class=\"nx-lede\">Funding shortages and correlated behavior. 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\"><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\">Funding and market liquidity spiral<\/h3><p class=\"nx-p nx-mt-1\">When funding gets harder, intermediaries cut positions, which reduces market liquidity, which raises margins and haircuts, which tightens funding further.<\/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=\"M2.97 12.92A2 2 0 0 0 2 14.63v3.24a2 2 0 0 0 .97 1.71l3 1.8a2 2 0 0 0 2.06 0L12 19v-5.5l-5-3-4.03 2.42Z\"\/><path d=\"m7 16.5-4.74-2.85\"\/><path d=\"m7 16.5 5-3\"\/><path d=\"M7 16.5v5.17\"\/><path d=\"M12 13.5V19l3.97 2.38a2 2 0 0 0 2.06 0l3-1.8a2 2 0 0 0 .97-1.71v-3.24a2 2 0 0 0-.97-1.71L17 10.5l-5 3Z\"\/><path d=\"m17 16.5-5-3\"\/><path d=\"m17 16.5 4.74-2.85\"\/><path d=\"M17 16.5v5.17\"\/><path d=\"M7.97 4.42A2 2 0 0 0 7 6.13v4.37l5 3 5-3V6.13a2 2 0 0 0-.97-1.71l-3-1.8a2 2 0 0 0-2.06 0l-3 1.8Z\"\/><path d=\"M12 8 7.26 5.15\"\/><path d=\"m12 8 4.74-2.85\"\/><path d=\"M12 13.5V8\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Dealer capacity is limited<\/h3><p class=\"nx-p nx-mt-1\">Dealers' balance sheets and risk limits cap how much they can absorb. When everyone sells the same safe assets for cash, intermediation capacity runs out.<\/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=\"M5 22h14\"\/><path d=\"M5 2h14\"\/><path d=\"M17 22v-4.172a2 2 0 0 0-.586-1.414L12 12l-4.414 4.414A2 2 0 0 0 7 17.828V22\"\/><path d=\"M7 2v4.172a2 2 0 0 0 .586 1.414L12 12l4.414-4.414A2 2 0 0 0 17 6.172V2\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Procyclical margins<\/h3><p class=\"nx-p nx-mt-1\">Margin models that respond sharply to volatility raise calls when liquidity is scarcest. Calls force sales, which raise volatility again.<\/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\"><line x1=\"3\" x2=\"21\" y1=\"22\" y2=\"22\"\/><line x1=\"6\" x2=\"6\" y1=\"18\" y2=\"11\"\/><line x1=\"10\" x2=\"10\" y1=\"18\" y2=\"11\"\/><line x1=\"14\" x2=\"14\" y1=\"18\" y2=\"11\"\/><line x1=\"18\" x2=\"18\" y1=\"18\" y2=\"11\"\/><polygon points=\"12 2 20 7 4 7\"\/><\/svg><\/span><span class=\"nx-eyebrow\">Mechanism<\/span><\/div><h3 class=\"nx-h4 nx-mt-2\">Central banks become backstop<\/h3><p class=\"nx-p nx-mt-1\">In core market dysfunction, central banks may buy assets or lend against them. Their facilities restore functioning and raise questions about moral hazard and exit.<\/p><\/div><\/div><\/div><\/div><\/section><section id=\"nx-sec-terms\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"split\" 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\">Key terms<\/span><\/div><h2 id=\"nx-s-6\" 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\">Market liquidity<\/td><td data-label=\"Definition\">The ease of trading an asset quickly in size without moving its price.<\/td><\/tr><tr><td data-label=\"Term\">Funding liquidity<\/td><td data-label=\"Definition\">The ability of an institution to raise cash or roll its borrowing when needed.<\/td><\/tr><tr><td data-label=\"Term\">Haircut<\/td><td data-label=\"Definition\">The discount applied to collateral value when borrowing against it, which rises in stress.<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-indicators\" class=\"nx-section\" data-hue=\"risk\" data-tone=\"alt\" data-variant=\"split\" 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\">Indicators<\/span><\/div><h2 id=\"nx-s-7\" 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\">Government bond bid-ask spreads<\/td><td data-label=\"Unit\">basis points<\/td><td data-label=\"Cadence\">daily<\/td><td data-label=\"Source type\">Market data<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Market depth<\/td><td data-label=\"Unit\">currency volume at best quotes<\/td><td data-label=\"Cadence\">daily<\/td><td data-label=\"Source type\">Market data<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Repo rate spreads to policy rate<\/td><td data-label=\"Unit\">basis points<\/td><td data-label=\"Cadence\">daily<\/td><td data-label=\"Source type\">Central bank and market data<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OBSERVED<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Initial margin requirements at central counterparties<\/td><td data-label=\"Unit\">currency<\/td><td data-label=\"Cadence\">quarterly<\/td><td data-label=\"Source type\">CCP public quantitative disclosures<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Liquidity coverage ratio<\/td><td data-label=\"Unit\">percent<\/td><td data-label=\"Cadence\">monthly or quarterly<\/td><td data-label=\"Source type\">Bank Pillar 3 disclosures<\/td><td data-label=\"Label\"><span class=\"nx-chip\">OFFICIAL<\/span><\/td><\/tr><tr><td data-label=\"Indicator\">Central bank liquidity facility use<\/td><td data-label=\"Unit\">currency outstanding<\/td><td data-label=\"Cadence\">weekly<\/td><td data-label=\"Source type\">Central bank balance sheets<\/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\/A-P01\/topics\/liquidity-and-market-stress\/#indicators\" data-nxf-title=\"Indicators\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-pipeline\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" 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\">Canvas<\/span><\/div><h2 id=\"nx-s-8\" 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 market stress 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-a-p01-topics-liquidity-and-market-stress--t nx-dag-a-p01-topics-liquidity-and-market-stress--d\" data-nx-z=\"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\"><title id=\"nx-dag-a-p01-topics-liquidity-and-market-stress--t\">Liquidity and market stress: food security early warning to early action<\/title><desc id=\"nx-dag-a-p01-topics-liquidity-and-market-stress--d\">Market prices, crop conditions and rainfall feed a seasonal outlook and a food security analysis by area; projected phases are tested against pre-agreed triggers, and early actions are released before the lean season. 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=\"risk\" data-tone=\"alt\" data-variant=\"split\" 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\">Sources<\/span><\/div><h2 id=\"nx-s-9\" 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\">Federal Reserve H.4.1 and facility data<\/td><td data-label=\"What it gives\">Central bank balance sheet and facility use<\/td><td data-label=\"Licence class\">Public domain<\/td><\/tr><tr><td data-label=\"Source\">CCP public quantitative disclosures under CPMI-IOSCO standards<\/td><td data-label=\"What it gives\">Margin, default fund and liquidity data<\/td><td data-label=\"Licence class\">Public, terms per CCP<\/td><\/tr><tr><td data-label=\"Source\">BIS Quarterly Review<\/td><td data-label=\"What it gives\">Analysis of market functioning episodes<\/td><td data-label=\"Licence class\">Free, BIS terms<\/td><\/tr><tr><td data-label=\"Source\">Bank Pillar 3 disclosures<\/td><td data-label=\"What it gives\">Liquidity and funding ratios<\/td><td data-label=\"Licence class\">Public records, terms per bank<\/td><\/tr><tr><td data-label=\"Source\">FSB report on liquidity preparedness for margin and collateral calls<\/td><td data-label=\"What it gives\">Policy recommendations for nonbank liquidity preparedness<\/td><td data-label=\"Licence class\">Free, FSB terms<\/td><\/tr><\/tbody><\/table><\/div><div class=\"nx-live-slot\" data-nxf-slot=\"evidence\" data-nxf-kind=\"evidence\" data-nxf-resource=\"nexus:\/\/gra\/A-P01\/topics\/liquidity-and-market-stress\/#evidence\" data-nxf-title=\"Sources\" data-nxf-height=\"520\" hidden><\/div><\/div><\/div><\/section><section id=\"nx-sec-decisions\" class=\"nx-section\" data-hue=\"finance\" data-tone=\"alt\" data-variant=\"split\" 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\">Decisions<\/span><\/div><h2 id=\"nx-s-10\" class=\"nx-section-title\">Who decides, and what the evidence serves.<\/h2><p class=\"nx-lede\">Financial Stability 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\">Central banks<\/td><td data-label=\"The question\">Whether and how to provide liquidity in market dysfunction<\/td><td data-label=\"Evidence this page serves\">Market functioning indicators and facility records<\/td><\/tr><tr><td data-label=\"Who decides\">Market regulators<\/td><td data-label=\"The question\">Whether market structure changes, such as central clearing, are needed<\/td><td data-label=\"Evidence this page serves\">Liquidity measures and episode analyses<\/td><\/tr><tr><td data-label=\"Who decides\">CCP risk committees<\/td><td data-label=\"The question\">How margin models respond to volatility<\/td><td data-label=\"Evidence this page serves\">Margin data and procyclicality analyses<\/td><\/tr><tr><td data-label=\"Who decides\">Treasury and liquidity managers<\/td><td data-label=\"The question\">What liquidity buffers and contingency plans to hold<\/td><td data-label=\"Evidence this page serves\">Stress episode evidence and regulatory ratios<\/td><\/tr><\/tbody><\/table><\/div><h3 class=\"nx-h4 nx-mt-4\">Outputs this topic produces<\/h3><ul class=\"nx-list\"><li>Guide to funding and market liquidity and how they interact<\/li><li>Brief on margin procyclicality and transparency<\/li><li>Method note on market liquidity measures and their limits<\/li><li>Questions for boards on liquidity preparedness<\/li><\/ul><\/div><\/div><\/section><section id=\"nx-sec-core-questions\" class=\"nx-section\" data-hue=\"risk\" 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\">Core questions<\/span><\/div><h2 id=\"nx-s-11\" class=\"nx-section-title\">Shared questions the industry asks.<\/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\">Why does liquidity disappear?<\/h3><p class=\"nx-p nx-mt-1\">How uncertainty, losses and risk limits cause market makers and lenders to withdraw.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">02<\/span><div><h3 class=\"nx-h4\">How do funding and market liquidity interact?<\/h3><p class=\"nx-p nx-mt-1\">How tighter funding forces selling and selling tightens funding.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">03<\/span><div><h3 class=\"nx-h4\">Which markets are fragile?<\/h3><p class=\"nx-p nx-mt-1\">Where intermediation capacity is thin relative to the size of potential flows.<\/p><\/div><\/li><li><span class=\"nx-eyebrow nx-index\">04<\/span><div><h3 class=\"nx-h4\">What role do margin and collateral play?<\/h3><p class=\"nx-p nx-mt-1\">How margin calls in volatile markets drain liquidity.<\/p><\/div><\/li><\/ol><\/div><\/div><\/section><section id=\"nx-sec-mechanisms\" class=\"nx-section\" data-hue=\"finance\" data-variant=\"split\" 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\">Mechanisms<\/span><\/div><h2 id=\"nx-s-12\" class=\"nx-section-title\">How the risk arises and transmits.<\/h2><\/div><div class=\"nx-section-body\"><p class=\"nx-p\">Liquidity spirals link funding and markets. When asset prices fall, collateral values drop and margins rise, forcing leveraged holders to sell, which lowers prices further and tightens funding again.<\/p><p class=\"nx-p\">Correlated behaviour is the core problem. Many participants use similar risk models, limits and strategies, so they want to sell the same assets at the same time.<\/p><p class=\"nx-p\">Intermediation capacity matters. Dealers hold inventories and make markets, but their balance sheets are finite. In large sell-offs, they may step back, widening spreads and deepening price moves.<\/p><p class=\"nx-p\">Electronic and automated trading provides liquidity in normal times but can withdraw quickly, contributing to sudden, short-lived dislocations. Liquidity that looks deep on screens may not be there when it is most needed.<\/p><p class=\"nx-p\">Central banks act as lenders and sometimes market makers of last resort. Expectations of intervention can stabilize markets and can also encourage risk-taking.<\/p><\/div><\/div><\/section><section id=\"nx-sec-methods-and-limits\" class=\"nx-section\" data-hue=\"risk\" data-tone=\"alt\" data-variant=\"split\" 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 and limits<\/span><\/div><h2 id=\"nx-s-13\" class=\"nx-section-title\">How evidence is gathered, and where it stops.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-table-wrap\"><table class=\"nx-table\" data-stack=\"true\"><thead><tr><th scope=\"col\">Method or data<\/th><th scope=\"col\">What it shows<\/th><th scope=\"col\">Its limit<\/th><\/tr><\/thead><tbody><tr><td data-label=\"Method or data\">Market microstructure data<\/td><td data-label=\"What it shows\">Spreads, depth and price impact<\/td><td data-label=\"Its limit\">High-frequency data is large and complex<\/td><\/tr><tr><td data-label=\"Method or data\">Funding market data<\/td><td data-label=\"What it shows\">Repo rates and volumes<\/td><td data-label=\"Its limit\">Partial coverage<\/td><\/tr><tr><td data-label=\"Method or data\">Episode studies<\/td><td data-label=\"What it shows\">Behaviour in past stress events<\/td><td data-label=\"Its limit\">Each episode differs<\/td><\/tr><tr><td data-label=\"Method or data\">Agent-based models<\/td><td data-label=\"What it shows\">Interaction of strategies<\/td><td data-label=\"Its limit\">Sensitive to behavioural rules<\/td><\/tr><\/tbody><\/table><\/div><\/div><\/div><\/section><section id=\"nx-sec-methods\" 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\">Methods<\/span><\/div><h2 id=\"nx-s-14\" 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\/financial-stability\/stem\/financial-economics\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">01<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Financial economics and macro-finance<\/span><span class=\"nx-mledger-role\">Run incentives in funds and banks \u00b7 Leverage cycles \u00b7 Implicit guarantees<\/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\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/stem\/econometrics\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">02<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Econometrics<\/span><span class=\"nx-mledger-role\">Early warning indicators \u00b7 Quantile regression for growth-at-risk \u00b7 Spillover estimation<\/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\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/stem\/scenario-stress\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">03<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Scenario design and stress testing<\/span><span class=\"nx-mledger-role\">Macro-financial scenario design \u00b7 System-wide exercises \u00b7 Reverse stress 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\/mathematics\/scenario-stress\/\" aria-label=\"Scenario design and stress testing: canonical page on the STEM Commons\">Canonical \u00b7 STEM Commons <span aria-hidden=\"true\">\u2197<\/span><\/a><\/div><\/li><li><a class=\"nx-mledger-main\" href=\"https:\/\/globalriskalliance.com\/financial-stability\/stem\/complex-systems\/\"><span class=\"nx-mledger-n\" aria-hidden=\"true\">04<\/span><span class=\"nx-mledger-body\"><span class=\"nx-mledger-name\">Complex systems and agent-based modelling<\/span><span class=\"nx-mledger-role\">Agent-based market models \u00b7 Early warning of regime shifts \u00b7 Feedback loop mapping<\/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\/complex-systems\/\" aria-label=\"Complex systems and agent-based modelling: canonical page on the STEM Commons\">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 measures behave differently across markets and can look adequate until stress arrives. Intraday and over-the-counter liquidity is poorly observed. Episodes of dysfunction are few, so evidence is case-based. Financial Stability explains mechanisms and measures; it does not forecast market conditions or give trading or investment advice.<\/p><\/aside><\/div><\/div><\/div><\/section><section id=\"nx-s-15-sec\" class=\"nx-section\" data-hue=\"risk\" data-tone=\"alt\" aria-labelledby=\"nx-s-15\"><div class=\"nx-container\"><div class=\"nx-section-head\"><div class=\"nx-eyebrow-row\"><span class=\"nx-eyebrow\">14<\/span><span class=\"nx-rule\" aria-hidden=\"true\"><\/span><span class=\"nx-eyebrow\">Questions<\/span><\/div><h2 id=\"nx-s-15\" class=\"nx-section-title\">Questions and answers.<\/h2><\/div><div class=\"nx-section-body\"><div class=\"nx-faq\"><details><summary>What is the difference between market liquidity and funding liquidity?<\/summary><div class=\"nx-answer\">Market liquidity is the ease of trading an asset without moving its price; funding liquidity is the ability to raise cash or roll borrowing. Each can drain the other in stress.<\/div><\/details><details><summary>Why do margin calls amplify stress?<\/summary><div class=\"nx-answer\">Because they require cash when volatility is high, which can force asset sales that raise volatility again. Predictable and transparent margin practices reduce the effect.<\/div><\/details><details><summary>What is the liquidity coverage ratio?<\/summary><div class=\"nx-answer\">A Basel III requirement that banks hold enough high-quality liquid assets to cover net cash outflows over a thirty-day stress period.<\/div><\/details><details><summary>Does GRA predict market dislocations?<\/summary><div class=\"nx-answer\">No. It researches mechanisms and scenarios, not predictions or trading signals.<\/div><\/details><details><summary>Why do liquidity problems appear suddenly?<\/summary><div class=\"nx-answer\">Because they depend on behaviour: once participants expect others to sell, they sell first, and liquidity evaporates quickly.<\/div><\/details><details><summary>Is this investment research?<\/summary><div class=\"nx-answer\">No. It is system-level research and is not investment advice.<\/div><\/details><\/div><\/div><\/div><\/section><section class=\"nx-section\" data-tone=\"alt\" aria-labelledby=\"nx-rel-16\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Related<\/span><h2 id=\"nx-rel-16\" class=\"nx-h3 nx-mt-2\">Around Financial Stability.<\/h2><nav class=\"nx-related nx-mt-3\" aria-label=\"Related\"><a href=\"https:\/\/globalriskalliance.com\/financial-stability\/topics\/systemic-interconnectedness\/\">Systemic interconnectedness <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\/financial-stability\/topics\/nonbank-financial-intermediation\/\">Nonbank financial intermediation <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\/financial-stability\/topics\/contagion-and-fire-sales\/\">Contagion and fire sales <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\/financial-stability\/topics\/cross-border-financial-risk\/\">Cross border financial 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\/financial-stability\/topics\/crisis-management-and-resolution\/\">Crisis management and resolution <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\/financial-stability\/topics\/stress-testing-methods\/\">Stress testing methods <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\/financial-stability\/\">Financial Stability 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\/financial-stability\/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-17\"><div class=\"nx-container\"><span class=\"nx-eyebrow\">Financial Stability<\/span><h2 id=\"nx-close-17\" 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=Financial%20Stability%3A%20Liquidity%20and%20market%20stress\">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\/financial-stability\/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\/financial-stability\/topics\/liquidity-and-market-stress\/#faq\",\"isPartOf\":{\"@id\":\"https:\/\/globalriskalliance.com\/financial-stability\/topics\/liquidity-and-market-stress\/#webpage\"},\"inLanguage\":\"en\",\"mainEntity\":[{\"@type\":\"Question\",\"name\":\"What is the difference between market liquidity and funding liquidity?\",\"acceptedAnswer\":{\"@type\":\"Answer\",\"text\":\"Market liquidity is the ease of trading an asset without moving its price; funding liquidity is the ability to raise cash or roll borrowing. 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