But under conditions of pressure, leveraged investors are more likely to need to use the liquidity of the market than to be able to contribute to it. On such occasions – which is when liquidity is needed most – these funds surely are liquidity takers, not providers.
The challenges posed by Y2K to the smooth operation of our computer-driven society are so ubiquitous and interrelated that it is quite possible that not everything will be fixed that needs to be fixed in advance of December 31. More than anything else this is a race with time.