As markets became more and more electronic, and computers enabled trades to be completed in milliseconds, those firms had come to supply most of the liquidity needed to allow markets to function.
Cesar Rivas Peña of Café Peru told the society: "Thanks to the way you scheduled our loan repayments, you have aided us with the liquidity needed to grow our business and increase sales volume.
And so Carney will continue with quantitative easing – which has provided British banks with the liquidity needed to indulge in speculative activity both at home and abroad, speculative activity that bears a scary resemblance to that undertaken before the crisis.
The proceeds would help offset a dwindling cash flow and obtain the liquidity needed to service $18.6 billion of debt, most of it amassed in a two-year acquisition spree by Mr. Fourtou's predecessor, Jean-Marie Messier. Jean-Marie Messier
As the furor built over Mr. Grasso's pay and the regulators' accusations that some exchange specialists traded ahead of customers, executives from the electronic networks have argued that the Big Board's dominant market share was artificially high because of restrictions preventing electronic networks from attracting the liquidity needed to compete with the exchange.
This offered private bankers precisely the guarantees and liquidity needed to shore up losses and fund speculation elsewhere.
But it also seems clear that central banks, as the ultimate providers of liquidity, need to be more aware of what banks are up to.The Fed's more consolidated approach made crisis management easier.
This will cut substantially the liquidity that needs to be provided to the system.
European Union officials argue that the amounts are big enough to give Greece the liquidity it needs to get it through its fiscal adjustment.
If the fear that sent Italy's borrowing costs to record highs last week becomes a chronic condition, the country could lose the liquidity it needs to keep paying the holders of its 1.9 trillion euro ($2.6 trillion) debt.
