Bid-ask spreads increased, in some cases to levels greater than those observed during the global financial crisis. As traditional sources of liquidity became limited, market participants had to either pay a premium for cash, or search for it in other ways.
Once institutions understood the considerable business risks that would result if they could not serve customers, they moved the management of Y2K preparations out of the back office and onto the desks of product-line and senior managers - where it belongs.