Liquidity risk management is imperative 捷安特xtc750

Fine liquidity risk management is imperative Sina fund exposure platform: letter Phi lag false propaganda, long-term performance is lower than similar products, how to buy a fund pit? Click [I want to complain], Sina help you expose them! – Cheng Hao Shun securities liquidity risk, as the risk has been known in the wake of the financial crisis, including liquidity risk assets and liabilities liquidity risk. Compared with other risk factors in financial markets, the causes of liquidity risk are more complex and more difficult to grasp. In the portfolio management, the differences in the liquidity of different assets will have an impact on the convenience of the portfolio transfer, financing costs and other aspects. Through the study of asset liquidity risk, it is very important to construct the optimal portfolio structure under the given income and risk objectives. In the bond market transactions, we can be simply defined as the asset liquidity risk, as a result, the main clause, time limit and other factors, the risk in different periods and bond trading difficult degree of uncertainty. We can through the two level of market price and transaction history to speculate that the cross section of the difference between different varieties, or time series analysis in different environment of the same species differences, and find out some related factors, help to construct the optimal portfolio. These factors include, but are not limited to, the differences in pricing, the size and size of the stock market, the volume and location of the transaction, the fundamentals of credit, interest rates and market sentiment, etc.. Liquidity is related to differences in market pricing, and the more complex and complex bonds are less liquid than standard ones. For example, the general right to debt ratio is not included in the debt liquidity is poor, the sustainability of debt than the general debt liquidity to be poor, floating interest rates than fixed rate bonds to poor liquidity, etc.. These differences come from a variety of reasons, such as some accounts will be 5+2 year bonds as 7 year bonds, caused the deadline overrun; some account holders of debt sustainability compared to other debt will occupy a higher risk capital; or because of floating rate debt analysis more difficult, face greater uncertainty of cash flow caused some investors demand excess compensation. The main issue of liquidity and market acceptance, stock market financing and single bonds related. The stock market financing is a double-edged sword, the more the existence of the debt market acceptance is higher, the transaction frequency will be increased accordingly. However, too much financing, leading to rising asset liability ratio will gradually become a negative factor. Size of a single bond issue will affect the liquidity, such as the proportion of bonds, a small amount of single issue will affect the account purchase intention, increase transaction difficulty. The creation of the country’s debt issuance and innovation of convertible bonds replacement program, but also to achieve the purpose of increasing the single stock to enhance liquidity. Liquidity is also related to the volume of transactions, the place of trade and the main participants. For example, broad participation of individual investors in the exchange market, millions or even hundreds of thousands of transactions are very common, and the institutions involved in the interbank market, single transaction amount is ten million level, to reach millions of magnitude of trading is relatively difficult. Liquidity changes with the change in credit fundamentals. Credit fundamentals are divided into industry qualifications and the main qualifications. Industry downturn will lift the overall industry spreads, which is a good leader theory相关的主题文章: