At the same time, however, it has been pointed out that fewer market makers are standing behind their bid and ask quotes, and so the execution of large-scale transactions at the same (preferred) prices as before has become difficult. In other words, transaction costs have increased and the price-discovery function has weakened somewhat.
Moreover, an indicator of market liquidity – defined as the ratio of the daily price range to the transaction volume – has reached relatively high levels (Chart 6).