How UBS AM is stress-testing for liquidity risk
Policy shifts in Japan, China among scenarios under review at Swiss asset manager

In late November this year, Nasreen Kasenally, chief risk officer of UBS Asset Management, was thinking deeply about a set of US economic releases due in the coming weeks – and about central bank policy in China and Japan.
A snap rally in US Treasury bonds had prompted the UBS team that Kasenally runs to review assumptions about liquidity in the world’s most liquid market. The link to central bank policy in Asia came when the team considered what could make conditions worse.
One of the stress
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