If the climber cannot pass the crux, she or he must take a long and exhausting detour. The second feature of a crux is that it is situated in exposed terrain. Hence, the climber has to take appropriate safeguards and rope up to reduce the risk of an accident.
Decline in trade size and turnover Market participants also often cite the decline in average trade size and turnover--the volume of trades relative to the total amount of bonds outstanding--as  4 Bessembinder, Jacobsen, Maxwell, and Venkataraman (2016) find that bank dealers are less willing to provide liquidity now than in the recent past, while nonbank dealers are more willing.