Background
Liquidity management has been a hot topic for hedge fund
managers (managers) since the great financial crisis of 2008.
Liquidity management will likely receive renewed focus from
investors and regulators given the recent arrival of a novel
coronavirus disease, COVID-19, that is now sweeping the globe and
having a massive impact on world markets. Widely believed to have
originated in the city of Wuhan in the Chinese province of Hubei in
late 2019, the virus quickly spread to other countries, causing
widespread disruption of the financial markets and international
trade and commerce. On March 11, the World Health Organization
declared the outbreak a global pandemic and urged all countries to
do more to control the spread of the respiratory disease. Many
countries introduced emergency measures that significantly
restricted the activities of their residents and visitors,
including social distancing and self-quarantining. Simultaneously,
Saudi Arabia and Russia
