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Spreads have to widen and we have to get used to it. No one wants to be first, but somebody will have to do it. Once spreads widen and market participants can cover their costs of risk, communication and regulation, then we will see the banks who have pulled back from market-making come back and start to play again.

To me, this is not a question of lack of liquidity, but rather a lack of appetite for risk. What we’ve done is that we’ve forced most market participants, and specifically those who create liquidity, to operate in a manner in which they can’t make a profit. Right now the cost of capital is too high and they are not making any profit.

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