Financial players that take large speculative positions in certain segments of the market can exert a non-negligible bearing on the future pricing of an asset or bond by affecting market sentiment. Current market structures can aggravate this effect. For instance, investors are currently allowed to buy credit defaults swaps without holding the underlying asset, typically a bond.
By first buying the credit default swaps and then trying to affect market sentiment by going short on the underlying bond, investors can make large profits without a change in the fundamental value of the reference entity and, worse, to its detriment.   Third, credit and liquidity risk management should not become a force of procyclicality for the financial system as a whole.