Thank you. In the aggregate, that seems very low, though starting from a low reading to begin with. Most healthy funds appear to run liquidity levels in the range of 65-80%. So while looking at a sub 15% number is daunting, on a relative basis it seems to have been hovering between 15-20 for the last 4 years. My read is that leverage and algos and FED/BOJ (and other global ETF particpation ie buying) QE intervention have altered the calculus. 2/21/17
jonnievega
