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, 1998, and experienced a further peak in early October. It was accompanied by a widening in the yield spread between the … year. The cost of trading, as measured by the effective spread, increased even in a "safe haven" like the market for ten …
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The turbulences in the international financial markets during the summer and autumn of 1998 put the price formation and liquidity provision mechanism in many markets under severe strain. As part of the large-scale portfolio rebalancing that took place, investors shifted a large part of their...
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