Efforts to address these liquidity risks should carefully take into consideration the effect that they would have on the broader financial system. For example, splintering central clearing by currency area would fragment liquidity and reduce netting opportunities, which in the case of events like Brexit could actually trigger even greater liquidity risk.
In my opinion, we should be searching for cooperative solutions to these issues. Conclusion In the years following the financial crisis, one of the primary lessons for market participants and their regulators was the criticality of liquidity risk management. Financial firms 14  such as Lehman Brothers and AIG struggled to obtain sufficient liquidity to meet their obligations.