Liquidity Risk Fundamentals, Metrics, and Early Warning Indicators

Free GARP FRM Part II lesson in Liquidity and Treasury Risk Measurement and Management. 22 min read, ~3,310 words.

Funding liquidity = ability to meet cash obligations as they fall due. Market (trading) liquidity = ability to sell assets without moving the price. Different problems, different tools. Liquidity-adjusted VaR adds to standalone VaR. Spreads widen in stress, so the stress-spread term often dominates the static spread. Basel III LCR...

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