For example, short-term funding markets involve the supposedly safe business of borrowing against the collateral of tradable securities, which is a mainstay of how broker-dealers finance themselves. Unfortunately, as we discovered during the financial crisis, such markets can become less liquid or even dry up completely when lenders start to fear unforeseen problems, either with borrowers or with the assets that they pledge as collateral.
类似地，监管者应该开始考虑特定金融交易的结构如何和何时会造成潜在系统风险。比如，短期资金市场包含以可交易证券为抵押的借贷行为，这种借贷理应是安全的，也是经纪自营商自我融资的主要方式。不幸的是，正如我们在金融危机期间所发现的，如果贷款人开始担心未预见问题——不管这些问题来自借款人还是来自充当抵押品的资产——这一市场可能会减少甚至完全丧失流动性。