Is There a Liquidity Failure Event?

There could be a liquidity failure event for commodity firms, given the fact that they have to post a liquid margin with sometimes illiquid assets. I think what's interesting is that with the futures markets, they have proven historically at least to be incredibly good at upholding liquidity during all of these crises. The real issue from what we've learned from this pandemic in March 2020 isLiquidity is sort of like the canary in the coal mine for a margin crisis or a failure crisis. So we did have liquidity problems in the treasury market and the cash market, which then spilled over to the futures markets. People weren't able to put on the hedges, they weren'table to find the

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