Liquidity Policy and Practice


This year’s Perspectives debate explored the impact of market liquidity on investors and policymakers.


27 April 2016


  • How are policymakers influencing market liquidity and what should their focus be?
  • How do asset owners reflect these policies and dynamic liquidity into asset allocation and risk management decisions?
  • Do asset owners really have the ability to accept liquidity risk?

Events materials


Download the agenda for the event

Download the brochure to find out more about the event

Download the event highlights

View the photo album from the event

Read the news story


View the event films on Liquidity



Speaker materials


Download Darrell Duffie’s presentation

Download Darrell Duffie's article
Download Lasse Pedersen’s presentation
Download Hyun Song Shin’s presentation

Download Hyun Song Shin’s speech transcript



Read the speaker bios below.


Darrell Duffie, Dean Witter Distinguished Professor of Finance at the Graduate School of Business, and professor by courtesy, Department of Economics, Stanford University


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Darrell Duffie is the Dean Witter Distinguished Professor of Finance at Stanford University's Graduate School of Business, and Professor (by courtesy) in the Department of Economics, Stanford University.


He is a Fellow and member of the Council of the Econometric Society, a Research Fellow of the National Bureau of Economic Research, a Fellow of the American Academy of Arts and Sciences, and a member of the board of directors of Moody's Corporation. Duffie was the 2009 president of the American Finance Association, and in 2014 chaired the Financial Stability Board’s Market Participants Group on Reference Rate Reform.


Duffie’s recent books include How Big Banks Fail (Princeton University Press, 2010), Measuring Corporate Default Risk (Oxford University Press, 2011), and Dark Markets (Princeton University Press, 2012).


Rick Lacaille, Global Chief Investment Officer, State Street Global Advisors


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Rick Lacaille, Executive Vice President is Global Chief Investment Officer (CIO) of State Street Global Advisors and a member of the firm's Executive Management Group. In his role as Chief Investment Officer Rick has responsibility for all investment management activity at SSGA, including research and trading.


Prior to his current role, Rick was Head of Global Active Equities, and previously European CIO. Before joining SSGA in 2000, he held a wide variety of posts in quantitative fund management and research at Gartmore Investment Management, including periods as Head of Quantitative Research and Head of Structured Equities.  


Rick has a BSc (Hons) in Operational Research from Lancaster University and MSc in Econometrics from London Guildhall University.


Rick is a member of the FTSE Policy Committee and the Asset Management Committee of the Investment Association. He is a regular writer and broadcaster on investment issues and speaks frequently at industry conferences.


Lasse Pedersen, Principal, AQR and Professor of Finance, Copenhagen Business School and NYU Stern School of Business


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Lasse is a Principal on AQR’s Global Asset Allocation team, leading research on proprietary quantitative forecasting models to identify opportunities in equities, fixed income, currencies and commodities.

He is also a finance professor at Copenhagen Business School and New York University’s Stern School of Business. He has served on the board of the American Finance Association, the Economic Advisory Boards of NASDAQ OMX and FTSE, and the Federal Reserve Bank of New York’s Monetary Policy Panel.


Lasse has been awarded the Bernácer Prize for the best European economist under 40 and an Elite Research Prize, the Danish government’s most prestigious scientific honour. His research has been published in leading journals and cited by central bank governors.


Lasse has served on the editorial boards of several journals, including The Journal of Finance, and as a research associate at the National Bureau of Economic Research and the Centre for Economic Policy Research. He earned a B.S. and an M.S. in mathematics-economics from the University of Copenhagen and a Ph.D. in finance from Stanford University.


Hyun Song Shin, Economic Adviser and Head of Research, Bank for International Settlements


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Mr Shin was appointed Economic Adviser and Head of Research on 1 May 2014.


Before joining the BIS, Mr Shin was the Hughes-Rogers Professor of Economics at Princeton University. In 2010, on leave from Princeton, he served as Senior Adviser to the Korean president, taking a leading role in formulating financial stability policy in Korea and developing the agenda for the G20 during Korea's presidency. From 2000 to 2005, he was Professor of Finance at the London School of Economics.


He holds a DPhil and MPhil in Economics from Oxford University (Nuffield College) and a BA in Philosophy, Politics and Economics from the same university.


Mr Shin is author of numerous publications in the fields of monetary policy, banking, finance and issues related to financial stability.


In 2015 he was awarded an honorary doctorate from London Business School

Sir Paul Tucker, Chair of Systematic Risk Council and Fellow, Harvard Kennedy School


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Sir Paul Tucker is Chair of the Systemic Risk Council and a fellow at the Harvard Kennedy School and the Harvard Business School. 


He was Deputy Governor at the Bank of England from 2009 to October 2013, having joined the Bank in 1980. He was a member of all of the Bank of England's statutory policy committees: the Monetary Policy Committee, Financial Policy Committee (vice chair), Prudential Regulatory Authority Board (vice chair), as well as of the Court of Directors.


Internationally, he was a member of the steering committee of the G20 Financial Stability Board, and chaired its Committee on the Resolution of Cross-Border Banks in order to solve the “too big to fail” problem.


He was a member of the board of directors of the Bank for International Settlements, and was chair of the Basel Committee for Payment and Settlement Systems from April 2012. 


He is a Visiting Fellow of Nuffield College, Oxford, and a Governor of the Ditchley Foundation. Sir Paul was awarded a knighthood in the 2014 New Year’s Honours list for his services to central banking.