The organizers of the master liquidity enhancement conduit have come under sustained criticism from a range of market participants. European structured investment vehicles do not believe that it is necessarily in their interests to join the scheme. Citi, Bank of America and JPMorgan – as the big liquidity providers to SIVs – are perceived to be the main beneficiaries of the plan, which aims to forestall the wholesale dumping of SIVs’ credit portfolios on to the market.
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