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Ever since the regulatory response to the global financial crisis was mapped out, dealers have warned it will have the side-effect of draining liquidity from the markets, by limiting the amount of risk banks can take.
At the same time, unconventional monetary policy has injected what academic Nouriel Roubini describes as massive "macro liquidity" into the system. This flood of capital is said to be encouraging investors to crowd into similar trades.
The week on Risk.net, December 9–15 2017Receive this by email