Mariner: improve liquidity with non-bank broker dealers

Market liquidity constraints could be fixed with broader participation in the dealing of corporate debt, more efficient application of existing regulation and technology enhancements, managers say

Basil Williams, co-chief investment officer, Mariner Investment Group

The reduction in liquidity in secondary markets is a direct outgrowth of the Dodd-Frank regulations on the banking system, which has restricted the ability of banks to run proprietary inventory positions. As a result, they are allocating less risk capital to their market-making activities.

In one sense, these regulations and the resulting decrease in liquidity have created a market that looks and behaves a lot like the market

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