Bond And Money Markets- Strategy- Trading- Analysis -securities Institution Professional Reference Series- -

This was the dilemma. The book had called it liquidity risk versus market risk . In theory, they were separate. In practice, they were conjoined twins, and one was about to die. 06:00 GMT. Tokyo Opens.

"Three times, via repo," she admitted.

"Elena. The Secured Overnight Financing Rate just spiked 15 basis points post-close. Repo desks are hoarding collateral like gold. What's your liquidity delta?" This was the dilemma

"No," he said. "That's the part you can't reference. That's the part you have to live." they were separate. In practice