What's it all worth?
When financial markets grind to a halt and liquidity dries up, assessing the value of securities is a notoriously difficult process. Andrew Krull, MD of BlackRock Solutions, talks about how the firm goes about determining fair valuation and appraising risk in an illiquid mortgage world
The ongoing disruption in the capital markets has created a unique set of challenges: how does one determine asset values in an illiquid market and how can risk be measured when models continue to fail?
Historically, value was determined by the price at which willing buyers and sellers were able to complete a transaction. But what happens when there are too many sellers and too few buyers for an
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