Cass Questions Circuit Breakers in New Study
Co-authored by Dr Giovanni Cespa of Cass Business School and Thierry Foucault from HEC School of Management in Paris, 'Illiquidity Contagion and Market Crashes' says that existing circuit breakers will not prevent another rapid market crash due to correlative exigencies between asset classes.
Instead, the paper argues, 'liquidity breakers' are needed to mitigate wild swings in indices, operating in tandem with common price-based breakers that trigger a halt when specific limits are breached. The
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