For example, MMFs were pressured during the recent crisis, as their deposit-like liabilities – held as assets by highly risk-averse investors and not backstopped by a deposit insurance system – led to a run dynamic after a large fund broke the buck.
In addition (as highlighted in table 1), nearly half of the liabilities of broker-dealers consists – and consisted then – of short-term wholesale funding, which proved to be unstable in the crisis.