This article examines market liquidity in the postcrisis era in light of concerns that regulatory changes might have reduced dealers’ ability and willingness to make markets. We begin with a discussion of the broader trading environment, including an overview of regulations and their potential effects on dealer balance sheets and market making, but also considering additional drivers of market liquidity. We document a stagnation of dealer balance sheets after the financial crisis of 2007–2009, which occurred concurrently with dealer balance sheet deleveraging. However, using high-frequency trade and quote data for US Treasuries and corporate bonds, we find only limited evidence of a deterioration in market liquidity.

中文翻译：

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金融危机后的市场流动性

考虑到监管方面的变化可能会降低经销商的交易能力和意愿，本文对后危机时代的市场流动性进行了研究。我们首先讨论更广泛的交易环境，包括对法规及其对经销商资产负债表和做市的潜在影响的概述，还考虑了市场流动性的其他驱动因素。我们记录了2007-2009年金融危机后经销商资产负债表的停滞，这与经销商资产负债表的去杠杆化同时发生。但是，使用美国国债和公司债券的高频交易和报价数据，我们发现市场流动性恶化的证据有限。