Credit liquidity at a premium as trading activity hits the August blues

“Last August we expected a dry-up in liquidity, but it didn’t happen. This is the first time we have genuinely seen it due to the August holiday period. We’ve done 10% of our usual volume,” said a credit derivatives trader at a leading European financial institution. The UK had a public holiday on Monday, and current low volumes combined with the US Labor Day holiday on September 2, has meant that some traders in New York are not expected back at their desks until early next week.

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