So why didn't ABCP investors -- at least the large institutional investors -- have a better grasp of the uncertain nature of market disruption triggers as defined under Canadian-style liquidity? Probably because the contracts were not available for review to investors wishing to purchase ABCP -- yet another example of the lack of transparency surrounding the distribution and sale of this product.
Paul Halpern, Back from the Brink: Lessons from the Canadian Asset-Backed Commercial Paper Crisis
disclosure, finance, liquidity