جميع الكتب

مهني

1 Markets I: The Ecosystem and Exchange-Traded Marketsالأسواق عبر الإنترنت 2 Markets II: Rates, FX and Creditالأسواق عبر الإنترنت 3 Markets III: Commodities, Energy and Cryptoالأسواق عبر الإنترنت 4 Quantitative Methodsالأساليب عبر الإنترنت 5 Derivatives and Volatilityالمشتقات عبر الإنترنت 6 Rates, Credit, XVA and Riskالفائدة والائتمان والمخاطر عبر الإنترنت 7 Research Craft: Predictors, Backtests, Measurement, Portfoliosالبحث عبر الإنترنت 8 Strategies I: Equities and Futuresالاستراتيجيات عبر الإنترنت 9 Strategies II: Volatility, Relative Value, Macro and the Bank Desksالاستراتيجيات عبر الإنترنت 10 Microstructure and Executionالتنفيذ عبر الإنترنت 11 Market Making and High-Frequency Tradingصناعة السوق عبر الإنترنت 12 Machine Learning for Marketsتعلم الآلة عبر الإنترنت 13 Low-Latency Softwareالتكنولوجيا عبر الإنترنت 14 Networks, Hardware and Trading Infrastructureالتكنولوجيا عبر الإنترنت 15 Research, Data and Risk Platformsالتكنولوجيا عبر الإنترنت 16 The Desk and the Firmالشركة عبر الإنترنت 17 The Industry: Firms, Roles and Careersالمسارات المهنية عبر الإنترنت 18 The Interview Bookالمسارات المهنية عبر الإنترنت
التطبيقات حول المدرب تسجيل الدخول ابدأ القراءة

Quantitative Finance · المسرد

ما معنى Liquidity mismatch؟

Definition 4.11 The Desk and the Firm · الفصل 4 — The Asset Manager and the Fund

A fund has a liquidity mismatch when its investors may withdraw a larger share of its value within some period than it could sell within that period at a normal cost.

Liquidity of the investors’ terms against liquidity of the portfolio. US qualifying hedge funds in aggregate, 2025Q3 (Form PF, SEC Private Funds Statistics, tables 8.22 and 8.23); and an illustrative fund with 8% of its assets sellable within seven days, the figure the UK regulator gave for the fund suspended in 2019, whose investors could redeem everything within four days.
Figure 4.2. Liquidity of the investors’ terms against liquidity of the portfolio. US qualifying hedge funds in aggregate, 2025Q3 (Form PF, SEC Private Funds Statistics, tables 8.22 and 8.23); and an illustrative fund with 8% of its assets sellable within seven days, the figure the UK regulator gave for the fund suspended in 2019, whose investors could redeem everything within four days.
A 30% redemption request with seven days’ notice, under four policies: the share of the remaining fund sellable within seven days afterwards, and the selling cost borne by the investors who stay, in per cent of their NAV. Ladders: the Form PF aggregate and the illustrative illiquid fund; selling costs illustrative. Data: fm_fund.stress_table.
Figure 4.3. A 30% redemption request with seven days’ notice, under four policies: the share of the remaining fund sellable within seven days afterwards, and the selling cost borne by the investors who stay, in per cent of their NAV. Ladders: the Form PF aggregate and the illustrative illiquid fund; selling costs illustrative. Data: fm_fund.stress_table.
اقرأ في الفصل →