Large investors are coping with this by accepting that it takes longer to move a parcel of securities. But some worry that liquidity may be much more significantly reduced in moments of stress, meaning that it may require much bigger price changes for markets to clear.
As it is, some of the world's deepest and most important markets have, on a few occasions over the past year, seen very large price movements – thankfully for only fairly short periods. More generally, the search for yield has seen investors, including sovereign funds, insurers, and mutual funds held by retail investors, move into assets that are inherently less liquid.